Toorak’s St Germain Expected to Fetch $200m

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. 

▲ One of Tim Gurner’s Saint Haven wellness sites is a tenant at St Germain.

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.