$9 million hopes for Toorak apartment development site
The Toorak development site is being offered for the first time in 70 years
Jonathan ChancellorSeptember 20, 2021
A 1278 sqm Toorak Rd, Toorak apartment development site has been listed for sale.
It comes with a 24 metre frontage to Toorak Road zoned General Residential.
Set b between Grange and Orrong Rds, it is being offered for the first time in 70 years.
Teska Carson agents Luke Bisset and Matthew Feld expect 549 Toorak Road to attract a high level of interest from a broad range of buyers including investors and developers.
``This is an extraordinarily good opportunity, subject to council approval, to capitalise on what is currently a relatively strong market for luxury apartments.
``Based on nearby developments, there is precedent for a four level building located within walking distance of Toorak Village,’’ Mr Bisset said.
It is currently a three level building with12 strata-titled, two bedroom, apartments with a current income of $162,264 per annum.
The marketing suggest there was a potential, fully-let income of $224,304 per annum.
Offers are due October 7with expectations circa $9 million.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.