House at edge of Toorak Village wins $5.1m from developer

The 650 square metre site, at the edge of Toorak Village.

A house at the western edge of Toorak Village – opposite a six storey apartment building – has sold to a residential developer for $5.1 million or 10 per cent over guide.

The Toorak parcel, 410 Toorak Road, received nine written offers following an expressions of interest campaign which closed on November 4.

Morley Commercial’s Rodney Morley marketed the property with permission for it to be cleared.

On the south west corner of Tintern Avenue, it spreads 650 sqm and is zoned General Residential which would allow for a four storey project over a basement car park (story continues below).

Any incoming owner could request ground level retail; the address is serviced by a tram and adjacent to the popular retail zone which includes cafes, cinema, restaurants and shops and a Woolworths.

Toorak, Melbourne’s most valuable suburb measured by median house price, is about six kilometres south east of Melbourne.

Elsewhere in the suburb, in July, Vicland won permission to construct a 10 storey commercial building on the Village Way arcade and car park at 489-505 Toorak Rd while developer Andreas Angelatos 11 months ago paid $7.4m for a two storey office on 471 sqm at 617 Malvern Rd.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco