Bill McNee applies for nine levels in Toorak

Village Way in Toorak 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 a nine level structure containing a 1500 square metre ground floor supermarket, to be occupied by Coles.

This office complex and public space, proposed by Vicland, for airspace opposite South Yarra station.

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.

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

The Vicland proposal seeks to utilise all of the site (story continues below).

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

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

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.

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 St.

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

Coincidentally, Mr McNee developed his former headquarters on other local rail airspace – now known as 529 Chapel St, South Yarra.

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

Colliers with CBRE is also leasing 11-13 Wilson St for Vicland.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of