Melbourne-based architectural developer Orchard Piper has acquired a Toorak Village landholding at 424 – 426 Toorak Road and 109 Mathoura Road, Toorak. The site is comprised of six individual properties to be amalgamated into a single parcel of approximately 1,000 square metres.
Orchard Piper plans to transform the site into a luxury mixed-use project, which includes a 7-storey building made up of premium residential apartments as well as high-end retail and commercial spaces.
The developer spent the last two years quietly putting together the off-market deal, which is worth an estimated $20 million for the amalgamated parcels, working closely with two vendors who have held the properties for over 40 years.
Signalling their commitment to – and confidence in – the longevity of the project, the developer will retain the retail and commercial component of the building, with the top commercial floors becoming the new Orchard Piper headquarters and permanent base in Toorak Village.
Orchard Piper has also confirmed that it is already in discussions with potential buyers for the penthouse and sub-penthouse product, allowing the team to work closely with the interested parties to customise a floorplan specifically to their needs prior to submitting a permit.
Orchard Piper co-founder and director Luke McKie, said they are already working closely with their known networks to customise some of the floorplans.
“[With] 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,” Mr McKie said.
“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.”
Co-founder and director, Rick Gronow, added: “Our approach to locating and securing new sites means we don’t rush the process when it comes to 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.”
Orchard Piper is set to submit plans to council in the coming months, with construction earmarked to commence in the second half of 2022.