The freehold interest in Mercedes Benz Toorak is being offered for sale marking the first major development opportunity to hit the market in 2022.

The CBRE team of Nathan Mufale, David Minty, Scott Hawthorne and JJ Heng in conjunction with Allard Shelton’s Joseph Walton, Christian Hatzis, Michael Ryan and Patrick Barnes are marketing 7-11 & 17-19 Carters Avenue, Toorak for sale via an international expressions of interest process.

The landmark offering is the largest undeveloped parcel remaining the coveted Toorak Village precinct and comprises a prodigious 3,532 sqm* landholding, with two street frontages totalling 111 m* to Carters Avenue and Ross Street.

A highly flexible Commercial 1 zoning with favourable discretionary height allowance provides strong height precedence to offer outstanding future development scope.

There are quality existing improvements of 1,962 sqm, occupied by the Mercedes Benz Toorak dealership and generating substantial holding income with annual increases.

The offering is positioned within the exclusive Toorak Village retail precinct, one of Australia’s most coveted and tightly held retail strips. Long has The Village serviced the local shopping and entertainment demands of one of the countries wealthiest retail catchments.

“We’re anticipating strong interest in the offering from major domestic, interstate and international developers driven by the property’s coveted location, unrepeatable land parcel and significant development upside complemented by strong holding income from a world class tenant.” Mr Mufale said.

Joseph Walton of Allard Shelton commented that “this site is truly a once in a lifetime opportunity. “

“Given the site’s prestigious location, substantial footprint and the variety of significant development outcomes offered with its flexible Commercial 1 zoning, it has been described by the Stonnington City Council as one of the last significant development sites in Toorak”, Walton adds.

The opportunity comes following multiple high-profile acquisitions in The Village including Vicland Property Groups purchase of the Village Way Arcade which will feature a 9 level $600million commercial and retail development of 10,000sqm coined St Germain and primarily targeted at locally based family offices.

Another acquisition includes the purchase of the amalgamated 424 – 426 Toorak Road and 109 Mathoura Road parcels by Melbourne based architectural developer Orchard Piper. The 1,000sqm parcel will be transformed into a 7 level $100million luxury residential project.

“Such high-profile projects demonstrate unrivalled confidence and investment in The Village and its ability to attract major office and retail tenants as well as achieve some of the highest residential sales rates in Victoria.” Mr Minty stated.

“This is further underpinned with Toorak recording the state’s highest median house price of $5,500,000, representing a 12% increase in the past 12 months as the suburb absorbed $1billion in luxury residential home sales in 2021.” Christian Hatzis from Allard Shelton added.

The Expressions of Interest process is due to conclude in March 2022. 

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.