Bill McNee’s Vicland Property Group has paid $80 million for a major development site in the Toorak Village retail strip.
The double-storey Village Way arcade at 489-505 Toorak Road, Toorak, is configured with 46 tenancies occupied by, amongst other retailers, Haigh’s Chocolates, Mayan Craft and Ethereal Wines.
The centre occupies a 2594 square metre parcel with a rear car park accessed off Jackson Street.
The property has been held by the one family for close to 65 years.
It was acquired by Vicland following an off-market negotiation brokered by Brett Duncan at Matthew Lincoln.
The site could be replaced with a mixed-use complex comprising ground floor retail space.
A hotel, apartment complex, office – or a mix of these – could be other development outcomes.
Not far away, at the corner of Toorak Road and Chapel Street, Larry Kestelman is constructing a 50-level residential-based mixed-use building, Capitol Grand.
Opposite Capitol Grand, Vicland recently won approval to build a small office and public plaza on a podium site to be constructed over train tracks, opposite the South Yarra train station – a site known in planning circles as 160 and 162 Toorak Road.
Vicland is also proposing a nine-storey, 6295 sqm commercial building at 11-13 Wilson Street, South Yarra – the former site of the Jam Factory car park, which Mr McNee acquired from Newmark Capital for $12.6 million last year.