Orchard Piper appoint Cobild to construct Toorak Village development after apartment and office sale blitz
High-end developer Orchard Piper has appointed Cobild to construct their mixed-use apartment and office building Toorak Village, after securing a number of sales at the premium project on the corner of Mathoura and Toorak Road.
The $120 million development, designed by Kerry Hill Architects, has already seen over $60 million in office and apartment sales.
Works have commenced on site at 109 Mathoura Road and 420-426 Toorak Road, where the 400 sqm penthouse has already sold for $12.5 million.
Kay & Burton Director Andrew Sahhar said the project is receiving continued interest with Stonnington locals who are looking to secure a coveted and rare opportunity on one of the most recognisable corners of the Village.
“In a market plagued with scarcity, there are limited offerings for buyers in the area, with a very restricted supply outlook," Sahhar says.
"We’re seeing interest from a range of buyers, who have become attracted to the revitalisation of the Village, which is being restored into an exciting high street once again thanks to the emergence of quality nearby development and new A-grade retail and hospitality outlets."
Four apartments have been sold prior to public advertising, which Sahhar says is testament to the name Orchard Piper has built for itself in the luxury market.
"This combined with the attraction of an international architect like KHA, who are renowned for their ultra-luxury hotel designs, is creating further interest from interstate and international buyers.”
Toorak Village comprises just nine apartments, all with private lobbies, a resident gym, and a concierge. Each apartments has a minimum three bedrooms and three bathrooms, as well as multiple living spaces. There's just two apartments per floor.
In just seven weeks, 60 per cent of the project’s limited three-floor office spaces have also been sold by Colliers, with the latest sale, a 126m2 suite, fetching $2.3 million; setting a new city fringe and suburban record, with a record strata office building rate of $18,250 per sqm.
The commencement of construction for the Toorak Village project is occurring concurrently with the City of Stonnington’s streetscape upgrades between Wallace Avenue and Grange Road. These works are well underway, with new art projects, footpaths, greenery and lighting to be introduced to elevate the Village back to former glory.
Alongside streetscape upgrades, the project adds to the recently completed St Germain building, located up the road at 495-505 Toorak Rd, which features a Coles Local, Cecconi’s and boutique retail offerings below a premium office building.
The Toorak Village project is one of Orchard Piper’s four active projects, part of its $800m pipeline scheduled for annual completion over the next four years.