Former site of Mercedes-Benz Toorak set for $400 million transformation
Orchard Piper have teamed up with Corsair Investment Management in a deal that will see a luxury $400 million mixed-use precinct developed at 7-11A and 17-19 Carters Avenue, progressing the developer’s plans to add $550 million worth of residential, commercial and retail development in Melbourne’s sought-after, Toorak.
The joint venture comes after the 3,600 sqm well-known Mercedes Benz site was acquired by the developer in May for $67 million.
In a bid to regenerate Toorak Village as a thriving high street, Orchard Piper Director, Luke McKie said the partnership is only bolstered by the Buxton family’s six generations of property history.
“Corsair align and support our design-led approach to architectural development. They bring a rare level of expertise and knowledge together with 100-plus years of multi-generational experience represented by the Melbourne based, Buxton family name,” McKie said.
Aerial image of the Toorak site. Image supplied.
Orchard Piper are due to commence discussions with Stonnington Council in the first half of 2023 to inform the design submission, as the development marks just one of four projects penned for the area, forming part of its $800 million pipeline scheduled for annual completion over the next five years, adding to their already $1.1-plus billion portfolio.
With $200 million worth of projects previously completed in Stonnington alone, the development will see a high-end, architecturally significant, residential development delivered, complemented by hospitality, retail and strata commercial, suited to local owner-occupiers.
A distinctive offering for the suburb, the project will also include full concierge services and amenities for residents, including a pool and a gym.
“We have again appointed highly regarded and world renowned, Kerry Hill Architects to design the precinct, which will arguably become the most high-end building for Melbourne’s most affluent suburb,’ said McKie.
“Landholdings of this scale and proximity to the Village are incredibly rare. We will take our time
designing this project to ensure we achieve an architectural response befitting of the significance of this opportunity.”
Orchard Piper have been progressively building a significant stake in Toorak Village’s revitalisation with the culmination of ten individual titles acquired since 2019, bringing the developer’s land holdings in the Village in excess of 5,000 sqm.
Well-positioned to brace market uncertainties, the joint venture brings a unified position to the market, and to future plans for the Village, further complemented by Orchard Piper’s own $150 million luxury mixed-use project located at the corner of Toorak and Mathoura Road, as well as Vicland’s $600 million office and retail tower due for completion in early 2023.
Corsair Executive Chairman, Michael Fowler said the group is underpinned by family values, with a proven track record within the niche area of high-end development.
“We have an in-depth understanding of the landscape, nuances, pressures and opportunities of the current market,” Fowler said.
“With Orchard Piper’s unrivalled reputation and brand not only within Stonnington but across Melbourne, our joint venture will offer a unique opportunity for luxury living that is bound to re- energise the Village’s status and identity as one of the most lucrative streetscapes in Australia.”