Worrell, Hagen families list Mercedes Toorak dealership

The Mercedes Benz Toorak dealership has two street frontages.

The family of late car broker John Worrell, and his former business partner, Karl Hagen, are selling the Mercedes Benz Toorak dealership after six decades.

The 3532 square metre Commercial 1 zoned site covering 7-11a and 17-19 Carters Avenue, also with frontage to Ross Street, is expected to trade for more than $60 million which would reflect a sub 1.2 per cent net passing yield.

NPG Group, led by Nick Politis, also a property investor considered a suitor, has been the tenant since 2014.

Local and international developers are expected to look in too.

CBRE’s Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng with Allard & Shelton’s Joseph Walton, Christian Hatzis, Michael Ryan and Patrick Barnes are the agents (story continues below).

In the immediate area, Vicland is replacing the Village Way arcade with St Germain, a 10 level office with ground floor supermarket, while Orchard Piper is proposing an apartment tower on adjoining sites – 424-426 Toorak Rd and 109 Mathoura.

Buxton Projects also has an active project in the suburb – 1093-1099 Malvern Rd.

“These high profile projects demonstrate unrivalled confidence in Toorak Village and its ability to attract major office and retail tenants and achieve some of the highest residential sales rates in Victoria,” Mr Minty said.

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Marc Pallisco

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