A penthouse in Orchard Piper’s mixed-use project in the heart of one of Melbourne’s richest suburbs has been sold for $12.5 million hot on the heels of the project winning planning approval.
Now approved by the City of Stonningtonis the developer’s Toorak Village at 109 Mathoura Road and 420-426 Toorak Road.
The single-floor 400sq m penthouse, which has 360-degree views of the CBD, was bought by an unnamed Melbourne business figure.
It was bought before the designs were finalised, according to Orchard Piper director Rick Gronow.
The Kerry Hill Architects designed plans for Toorak Village, the architect’s first in Victoria, comprises a six-storey residential building plus ground-floor retail spaces.
Each of the nine three-bedroom apartments, will have a private lobby and a three-car garage.
There with two apartments per floor and three levels of commercial space.
Orchard Piper plans to relocate its head office to the top floor.
Toorak Village marks a move to mixed-use projects by the developer, which has a $1.1-billion portfolio, including $200 million in completed projects in the City of Stonnington alone.
Marshall White director Marcus Chiminello, who with Kay and Burton director Andrew Sahhar will market the homes, said demand for high-end residence remained high.
“We’re seeing the prestige market continually performing stongly, which defies the general negative commentary created by increasing rate hikes,” Chiminello said.
“Inventory levels for quality properties are not keeping up with the pent-up demand for downsizers looking for bespoke, lock-up-and-leave apartments in and around Toorak village itself.”
Colliers’ Tom Larwill will manage the leasing of the two ground-floor retail tenancies while Ben Baines and Matt Knox will handle the office spaces.
Toorak pharmacist C. Wallis and Son will relocate during construction and return once the project is completed.
The Toorak Village project is one of Orchard Piper’s four current projects in a $800m pipeline scheduled for completion over the next five years.
Orchard Piper will also partner with Kerry Hill Architects on a $400-million mixed-use project at the Mercedes Benz Toorak site at 7-11A and 17–19 Carters Avenue.
