Developer swoops on troubled Toorak block
Landream has swooped on a part-built mansion at the corner of two blue ribbon Toorak streets with plans for a luxury residential project.
The developer is paying $12.25 million – or $8548 per square metre – for 17 Hopetoun Road.
The result is a discount on the $15-$16m guide when the asset was listed in July.
Price expectations were lowered to $13.5m-$14.5m in September.
Sam Goddard and Edward Royle of Abercromby’s were the agents.
Elsewhere in Melbourne, Landream is behind four storey residential developments in Malvern East and Brighton – the latter replacing the International of Brighton reception centre.
Sorry tale
At the north west corner of Stonnington Place, 17 Hopetoun Rd was offered by receivers for Victory Offices founder, Dan Baxter, who paid $14.75m in 2019 then knocked down a historic dwelling to start an uber contemporary one.
Over four levels, including a basement, it would have contained seven bedrooms, a cinema, gym, sauna, wine cellar and 14-bay garage.
Construction halted during COVID when the serviced office company’s share value was decimated, requiring a capital injection and dwindling the businessman’s fortune from a peak of over $50m (story continues below).
Seven Victory Office locations recently closed and tomorrow, the group will enter voluntary administration.
Toorak apartments stack up
Agents told prospective suitors there was flexibility to redesign the Baxter dwelling.
S&K Group, which had a caveat on the title, is responsible for construction to date.
Elsewhere in Toorak, PB&Co last December won permission to develop a three level complex with five apartments at 79 Clendon Rd.
That builder outlaid $8.05m – or $8619 per sqm – for the site in September, 2020.
A medium density residential project has also been mooted as a development outcome for 16 St Georges Rd – formerly the Idylwilde estate, now a cleared 4257 sqm block – which failed to sell in 2019 seeking c$40m ($9396 per sqm), then, the year later, $39m ($9161 per sqm).
In May, Orchard Piper paid the Worrell and Hagen families $67m for the Mercedes Toorak dealership on a 3589 sqm Commercial 1 zoned holding in Carter St with plans for an apartment-based mixed use complex.
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