Toorak mansion opposite Como House sells to developer for $9 million-plus

The home sits on a Toorak corner block valuable to medium-density developers.

National Basketball League (Australia) owner Larry Kestelman has paid more than $9 million for a Toorak mansion (pictured left) following a marketing campaign in which the brokers didn’t mention the house at all.

Instead it was the 1123 square metres of General Residential zoned land which was the focus of Abercromby’s successful five-week campaign, targeted firmly to medium density developers.

The property, with nine bedrooms, 300 Williams Road, traded within its quoted price range – $9.2-$10.1m.

It is expected to make way for a townhouse or apartment complex but the intentions of the incoming owner could not be confirmed with the marketing agents, Sam Goddard and Tim Derham.

Opposite Como House and Garden, and on the south-east corner of Bruce Street, 300 Williams Rd captures unobstructed north facing views toward the city skyline over both Como Park and the South Yarra Tennis Club.

In October, a developer paid $5.2 million – more than a million over reserve – for this Commercial 1 zoned site in Mathoura Road, Toorak.

Williams Rd acts as the South Yarra suburb border. Land rates on the eastern side of the road, zoned Toorak, fluctuate between $6,500-$10,000 per sqm, depending on location.

Mr Goddard said “100 per cent of enquiry” for the site came from residential development groups.

“We believe a strong result was achieved for this campaign due to a continued appetite in Stonnington and in particular Toorak for boutique, luxury apartment and townhouse developments which a site of this density is well suited for”.

The 300 Williams Rd deal comes five months after a local developer paid $5.2m – a price which was more than $1m above reserve – for a historic double storey apartment complex, on a 554 sqm Commercial 1 zoned block at 1 Mathoura Rd, Toorak, near the Hawksburn Village retail strip.

Eight bidders competed at auction for that Toorak site (pictured, right), following a campaign run by veteran agent Phillipe Batters, director of agency William Batters.

An aerial image showing 300 Williams Road and the Melbourne CBD, about five kilometres away.

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Marc Pallisco

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