A mixed-use office building in Melbourne’s well-heeled suburb of Toorak has come to market and been tipped to fetch $200 million.
Now on the market, Vicland Property Group’s St Germain at 505 Toorak Road, 5km from the Melbourne CBD, includes Coles, Kennedy, Deague Group, Kay & Burton, Scoop Wholesale, restaurant Cecconi’s and Tim Gurner’s Saint Haven among tenants.
The nine-storey building was designed by Hassell and completed in 2023. It has more than 13,000sq m of net lettable area, green spaces, terraces, end-of-trip facilities and 168 carparking bays.
Offices have views of Melbourne’s CBD, Port Phillip Bay and the Dandenong Ranges.
Cushman and Wakefield’s Daniel Wolman, Nick Rathgeber, Leigh Melbourne, Oliver Hay, Mark Hansen and Leon Ma are managing the sale for Vicland.
“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,” Wolman said.
Rathgeber said it was a solid investment opportunity with the long-term leases signed.
“With a diversified cash flow and an eight-year WALE, St Germain is poised to deliver significant long-term value,” Rathgeber said.
In 2019 Vicland paid $80 million for the site of the $300-million building.
