Vicland lists lux Toorak office
Bill McNee’s Vicland has listed one of suburban Melbourne’s most successful new office developments – at Toorak.
St Germain at 489-505 Toorak Road is expected to sell for c$200 million.
Construction was only completed in 2023 with the 13,095 square metres of Premium-grade area pre-committed (and a waiting list for c3000 sqm created).
A Coles supermarket occupies the ground floor of the nine level building which replaced the Toorak Way retail and office complex.
The listing comes four years since Vicland sold a then new office in nearby South Yarra to Real IS for $73.5m – a 4.5pc yield.
St Germain
Deague Group, Gurner Group’s Saint Haven and real estate agency Kay & Burton are amongst other high profile St Germain occupiers; the weighted average lease expiry by income is 7.3 years.
There are also 169 car parks and an activated rooftop.
Any incoming owner will also be able to claim depreciation benefits – potentially to c$100m, Cushman & Wakefield’s Daniel Wolman, who is representing Vicland with Nick Rathgeber, Leigh Melbourne, Oliver Hay, Mark Hansen and Leon Ma, said
“The property’s tenancy mix underscores its alignment with luxury living and wellbeing, positioning St Germain as a standout destination for both residents and visitors,” he added.
“Demand for premium mixed-use spaces in affluent suburbs like Toorak continues to grow as high-net-worth individuals and businesses seek to balance lifestyle and productivity closer to home,” according to the executive.
“St Germain stands out as a trophy asset that combines prestige, convenience, and exclusivity, making it a highly desirable investment opportunity”.
Toorak is about five kilometres south east of Melbourne’s CBD.
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