Mega-Site in Blue-Ribbon Toorak Tipped to Top $80m

Neighbouring properties in one of Australia’s most exclusive suburbs have come to market.

The properties at 38 and 38A Lansell Road at Toorak, about 8km west of the Melbourne CBD, comprise 6340sq m and include two residences and a tennis court.

The parcels are without heritage overlays, giving potential buyers flexibility for redevelopment, including a single large estate, two separate homes, or a multi-residential project, the agents handling the sale, Kay & Burton, said.

According to records, the properties are owned by founder of diversified real estate and investment group V-Leader Andy Zhang and his wife Miaomiao.

Zhang acquired the larger 4367sq m site in 2015 for $17 million and the adjoining 1969sq m lot in 2021 for $22 million. The couple had planned to consolidate the site for a private home but are offloading it after acquiring another that better suits their needs.

The two lots are for sale individually or together.

▲ The Lansell Road properties have been described as a rare opportunity in Melbourne’s top-tier residential market.

The larger property contains a single-storey house with six bedrooms, five bathrooms and living areas, set on landscaped grounds that include a tennis court, indoor swimming pool and ancillary structures. The smaller site’s home, also single storey, has five bedrooms and five bathrooms.

Kay & Burton managing director Ross Savas said the listing was a rare opportunity in Melbourne’s top-tier residential market.

“The size and configuration of the site, combined with the lack of heritage restrictions, provides significant scope for a range of development outcomes,” Savas said.

Expressions of interest for the site are being handled by Savas and fellow Kay & Burton agents, Nick Kenyon and Jamie Mi. The campaign is due to close on October 25.

The listing comes as interest in large-format residential sites at Toorak continues to run hot.

In 2022, a neighbouring property sold for $80 million, while the Coonac estate, owned by former Essendon Football Club president Paul Little and his wife Jane Hansen, was sold for more than $100 million in February.