Located at 478 Toorak Road, the property comprises a double storey, 256 square metre building with ground floor retail of 142 square metres and first floor office space.

The property sits on a 420 square metre site zoned Commercial 1 with nearly 14 metres frontage to Toorak Road and laneway access to eight car spaces at the rear.

It will be auctioned on Friday, November 22, at 1pm on site.
 
Commercial 1 zoning aims to create vibrant mixed-use commercial centres for retail, office, business, entertainment, community and residential uses.

At a glance:

• 478 Toorak Road comprises a two level, 256 square metre building with ground floor retail of 142 square metres and first floor office space
• It sits on a 420 square metre site zoned Commercial 1 with nearly 14 metres of frontage to Toorak Road
• The property will be sold at auction subject to leases to Henry Buck and G.E.Hubay at a current rental of $124, 062 per annum

The property is situated directly opposite the Vicland Property Group’s proposed $600 million commercial re-development of Village Way, which is set to house circa 12,000 square metres of office space and a ground floor Coles supermarket.

According to marketing agents, Teska Carson’s Matthew Feld and Jack Kelliher, the property will be sold subject to leases to Henry Buck on the ground floor and G.E.Hubay on the first floor, expiring early 2020, at a current rental of $124,062 per annum.

Mr Feld said the property represented a great opportunity to secure a prime investment, owner-occupier and/or development prospect in a highly desirable location.

“This property offers excellent investment credentials including a highly regarded retail and commercial location within Melbourne’s wealthiest suburb, with short term income and first rate access and exposure via Toorak Road frontage and a rear laneway,” Feld said.

“It really does tick all the boxes of a premium investment or owner-occupier property with the potential for future development.”

Known as the heart of Toorak, Toorak Village has more than 270 shops and businesses including fashion boutiques, cafes, fine dining, hair and beauty salons and highly regarded medical and professional services.

Mr Kelliher said nearby South Yarra station, which is earmarked for a $12 million overhaul, is the busiest station outside of the CBD with 32,000 people using it daily.

“That is a fair indication of just how much growth there has been in a suburb long touted as one of Melbourne’s most livable,” Kelliher said.

“The local retail sector also thrives on the back of a predominantly young and affluent demographic which boasts an average weekly income well above that of Greater Melbourne with per capita retail spending also significantly above the Melbourne average.” 

He said the locality had been the beneficiary of major redevelopment over recent years including more than 3000 apartments, either currently under construction or recently completed, which had seen it maintain and reinforce its status as a very desirable retail and entertainment precinct with a low vacancy rate. 

“The area has seen extensive residential and commercial development in recent times, driven by Melbourne’s strong population growth, and businesses within the retail/commercial precinct have been the beneficiaries,” Kelliher said.

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