Apartment developers swoop on Stonnington blocks
Two small apartment development sites in blue ribbon Melbourne suburbs sold this month.
In the biggest deal, a 1059 square metre block at 1065-1067 Malvern Road, Toorak, permit-ready for a four floor complex with 10 dwellings, traded for a speculated $7.1 million.
The vendor outlaid c$5.6m in 2017; with three villa units, it derives annual income of $125,172.
The buyer is a local developer.
The property is near a 2732 sqm parcel, 1093-1099 Malvern Rd, which Buxton acquired for $12.55m in April, 2020, and is now earmarked for a low rise, high density residential project, Ada.
Also in the suburb, Orchard Piper is behind two residential developments including a three storey project with 10 dwellings at 426 Toorak Rd, on the south west corner of Mathoura, which it gained funding via MaxCap to develop this month.
That builder is also set to replace the Mercedes-Benz Toorak dealership, which it purchased in May for $67m (story continues below).
Malvern East site fetches $5.5m
Savills’ Julian Heatherich, Benson Zhou and Tanya Su brokered the Toorak deal.
The same agents, with Nick Garoni, this week also sold a Malvern East apartment development site (outlined, image, top), for $5.5m.
Spreading 1136 sqm at 94 Burke Rd, opposite Central Park and the suburb’s Gascoigne estate, it came permit-ready for 11 units, averaging 114 sqm.
The property previously traded in 2019 for $3.9m.
Subscribe to our newsletter at the bottom of this page.
