Sivasli doubles down on Toorak Road
Diversified developer Sivasli, behind projects in Geelong with James Packer’s NPACT, has acquired two Toorak Village freeholds in a strategic land consolidation.
The latest purchase — 509 Toorak Road — was worth $6.5 million.
Purpose built for Westpac in the 1980s, which sold in 1990 and has since rented, the building contains 281 square metres over two floors.
There is five years left on a lease.
The result reflects a 3.1 per cent net passing yield.
The deal comes seven months since Sivasli agreed to pay $3.4m for the neighbouring 513-515 Toorak Rd, on 407 sqm divided by a carriageway.
The developer plans to occupy that property as its headquarters.
Combined the holdings spread 881 sqm (continues below).
Tactical play
Five kilometres south east of town, Toorak is considered Melbourne’s most exclusive suburb with a median house value over $5m.
The Sivasli holding neighbours the recently completed St Germain office.
“The purchaser [is]…an established residential developer which owns a number of complementary businesses that offer in-house conveyancing, architecture, funds management and construction,” Gorman Kelly’s Nick Breheny, who marketed 509 Toorak Rd, said.
“They recently purchased the neighbouring site at 513-515 Toorak Road which is similar in size with the intent of redeveloping a new head office, designed by Carr,” according to the executive.
“The amalgamation of the two sites was a strategic purchase as it unlocks significant development potential including the ability to secure carriageway access between the properties,” he added. “This is expected to materially enhance the value of the combined landholding”.
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