Toorak apartment owners unite, sell to developer
The owners of six strata titled apartments in Toorak have united to sell the block – including common areas – to a developer.
The vendors are banking $8 million – or $1.33m each – for the two bedroom units covering 1008 square metres at 51 Bruce Street.
The buyer is a China based builder planning to replace the block.
The property was marketed with a scheme but not a permit for a Tristan Wong Architecture project, with four levels.
Cushman & Wakefield’s George Davies and Leon Ma brokered the deal.
The parcel failed to sell following a public campaign last year with a different agency.
Another Bruce Street development
Elsewhere in the pocket, Prime Edition is building a luxury apartment complex at 2 Bruce St, at the south east corner of Williams Road, a 2500 sqm site it bought from Larry Kestelman for $26m in 2022.
“The land rate at just under $8000 per sqm highlights the enduring pull of Toorak as Melbourne’s most consistently sought-after postcode even in an environment of rising construction costs and tightened planning expectations,” Mr Davies said of the 51 Bruce St deal.
This pocket of Toorak is about six kilometres from the CBD (continues below).
Also today we are reporting 31 apartment owners united to sell a Drummoyne, Sydney, site to a developer, for $130m.
Investors, occupiers sell up
Three of the vendors were investors. The others were occupiers.
“The collective decision by the six unit owners, an even split of investors and owner occupiers, demonstrates a trend increasingly evident across blue chip suburbs: the recognition that ageing strata stock often carries greater value as a redevelopment opportunity than as isolated titles,” Mr Davies said.
Mr Ma added demand for sites in Toorak remained strong despite broader market headwinds.
“What we’re seeing in Toorak is a deep pool of both local and interstate capital chasing opportunities that are extremely limited in supply,” according to the executive.
“Premium owner-occupier product continues to outperform, and developers are willing to pursue tightly held opportunities because they know the end buyer is there, waiting,” he said.
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