Bill McNee applies for nine levels in Toorak

Village Way in the Toorak Village could be replaced with a nine-storey commercial building.

Six weeks after Bill McNee’s Vicland Property Group acquired the enormous Village Way arcade, in Toorak, an application has been lodged to replace it.

The $600 million proposal (artist’s impression, top) would see 489-505 Toorak Road in the Toorak Village rebuilt as an nine level structure containing a 1500 square metre ground floor supermarket.

This office complex and public space, proposed by Vicland, is approved to be built over South Yarra train tracks, a little further west on Toorak Road than Village Way.

The second floor will include about 2200 sqm of food and beverage space.

About 10,500 sqm of A-grade offices will form the balance of the Elenberg Fraser designed complex, which could be approved by the end of this year.

Oversized office floorplates like the ones proposed as part of the Village Way redevelopment are rare, particularly in Melbourne’s inner east.

Vicland paid about $80 million for the Village Way site. The retail and small office complex, with 46 tenancies, was controlled by one family for 65 years prior.

Bill McNee’s former double-storey headquarters at 529 Chapel Street, South Yarra, was marketed as the best office in the world when it sold in 2016.

The 2594 sqm holding has a second, expansive frontage, to Jackson Street.

The Vicland proposal seeks to utilise all of the site.

One of Toorak’s highest-profile office landlords is arguably Eddie McGuire who in 2014 paid $12.6 million for an investment at 414 Toorak Road.

Last month we reported that Vicland started construction of a nine-level, 6295 sqm office in the neighbouring suburb of South Yarra which would replace the former Jam Factory car park at 11-13 Wilson Street.

In 2014, Eddie McGuire paid $12.6 million for an office investment at 414 Toorak Road, Toorak.

Vicland will also build some offices, along with retail, and a public space, on a site at 162 and 164 Toorak Road, South Yarra – currently airspace atop a train line.

Coincidentally, Mr McNee built his former headquarters on rail airspace in the area known as 529 Chapel Street, South Yarra.

That two-level, 675 sqm space (pictured, right) was marketed as the best office in the world when Colliers International’s Daniel Wolman, Oliver Hay, Ben Baines and Chris Ling sold it for $6.8 million in 2016.

Colliers International, with CBRE, is also leasing 11-13 Wilson Street for Vicland.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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