Buxton Projects has swooped on a residential development site in the most exclusive pocket of Melbourne’s most valuable suburb, Toorak.
Following an off-market expressions of interest campaign in February, it is paying $12.55 million for the 2732 square metre parcel: two neighbouring sites covering 1093-1099 Malvern Road.
RT Edgar’s Mark Wridgway was the selling agent – it is the second time in less than three years he has promoted the blocks.
It is also the fourth time in two months the broker represented a mortgagee vendor marketing an apartment development site in the area: just yesterday we reported about a $6.35 million Kooyong deal of this nature.
Block is in Melbourne’s bluest ribbon belt
Zoned Residential Growth, 1093-1099 Malvern Road is earmarked for a high-end, low-rise (four storey) apartment project.
The property is within the wider area – bound by Kooyong, Glenferrie, Malvern and Toorak Roads – which agents dealing in prestige circles say is Melbourne’s most revered.
Albany Road – regarded Toorak’s most exclusive residential street – is home to several of the country’s wealthiest business identities.
Hopetoun Road – another wide, tree lined row agents tout as one of the city’s most expensive to buy into – is one property holding from Buxton Projects’ site.
In 2017, former David Jones boss Mark McInnes, who now leads Solomon Lew’s Premier Investments, paid c$12 million for a Stonnington Place dwelling two blocks away from 1093-1099 Malvern Road.
Other high-profile local residents include John Gandel, Lindsay Fox and members of the Lew and Valmorbida families.
Last year, it was reported prestige developer Glenn Eagles sold a new mini-manor on a compact block – also on Stonnington Place – for $9 million to a couple downsizing within the suburb.
The Toorak site: 1093-1099 Malvern Road
Mr Wridgway said that various purchasers considering 1093-1095 and 1097-1099 Malvern Road over the years sized it up for a total of between 18-23 dwellings.
All were interested in replacing it with a prestige project which typically has larger units.
Like most medium density projects in this part of town, owner-occupiers would be the target market, the agent added.
For premium grade new apartments, Mr Wridgway said buyers pay between $14,000-$15,000 per sqm.
The Malvern Road holding forms a rectangle shape – with 45 metres of street frontage.
Toorak is about six kilometres south east of the city.