- Six sites have been amalgamated into a single 1,000sqm parcel
- First time the sites have been transacted in over 40 years
- Plans are expected to be submitted in the next few months, with construction commencing next year
Orchard Piper, a Melbourne-based architectural developer has announced the acquisition of a rare, amalgamated site in Toorak Village, which is expected to add $100M to its pipeline.
In an off-market deal that took two years to complete, six individuals properties from multiple landowners – including laneway rights – have been amalgamated into a single 1,000sqm parcel.
This is the first time the sites have been transacted in over 40 years.
With much of the leasing pre-committed, the developer has already entered into a long-term leasing agreement with the current chemist tenant, C. Wallis & Son Est. 1870. Established in 1870, the tenant has been in this location since 1981 and will re-occupy the building once completed.
Current plans include a seven-storey building that takes advantage of the 50-metre Mathoura Road frontage where new residential apartments will reside. Additionally, high-end retail and commercial spaces will front Toorak Road.
The top commercial floors will become Orchard Piper’s new headquarters.
“We are already working closely with our known networks to customise some of the floorplans, and such is the demand and scarcity of product at this end of the market, we expect the residential component will be largely pre-committed to our existing VIPs and customers prior to launching publicly next year,” said Orchard Piper co-founder and director, Luke McKie.
“This site, being the most prominent, north facing corner of the village, presents an opportunity for us to invest in the area in a really tangible, long-term way. The architectural response to this site should reflect the significance of its location.”
Luke McKie, Orchard Piper co-founder
Fellow co-founder and director Rick Gronow added Orchard Pipes’ approach to locating and securing new sites isn’t rushed when conducting negotiations.
“That’s why we have been able to acquire sites off-market such as this exceptional Toorak Village parcel that has not transacted for decades; we have long standing relationships with these vendors and shape these deals around their requirements, therefore creating an unrepeatable development opportunity.”
Rick Gronow, Orchard Piper co-founder
The developer aims to submit plans to the council in the next few months, with construction expected to occur late next year.
The acquisition follows two significant deals in the past 12 months; a 1,200sqm site at 364-370 Albert Street East, Melbourne; one of the last developable parcels of land fronting Fitzroy Gardens, for which a planning permit was received in late March.