Developer snares Toorak site for $5.2m – more than a million over the reserve

The buildings occupy a 554 square metre block zoned Commercial 1.

A local builder has paid a bullish $5.205 million for a prime development site in Melbourne’s ritzy Toorak.

The Commercial 1 zoned holding at 1 and 1A Mathoura Road, one lot north from the intersection of Malvern Road, was declared on the market at $4.15 million.

Before a large crowd, eight bidders competed for the property prior to Philippe Batters declaring it sold.

The sale price values the land at $9,422 per square metre.

Two double-storey structures are currently on the site configured as three apartments and a retail space, leased to a hairdressing salon. It also includes an open-air car park at the rear.

Agency William Batters promoted the site, close to the Hawksburn Village, to investors and developers. Mr Batters marketed the block with colleague Bill Cook.

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Marc Pallisco

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