456-460 Toorak Road, Toorak
An evolutionary phase along Melbourne’s blue-ribbon shopping strips is attracting investors and leading to sale records being broken.
In the latest transaction, Fitzroys agents Mark Talbot and Lewis Waddell sold 456-460 Toorak Road, in Toorak Village, for $4.55 million at auction on behalf of the Blatt family who had owned the property for 50 years.
The sale price smashed price expectations and reflected a new record low net yield for Toorak Village of just 1.5%.
The property comprises two retail buildings totalling 287sqm of floor area on 354sqm of land, with an 11.5m frontage. It is occupied by long-standing tenants Flawless Rejuvenation and Suzie Mcintosh Brows, with leases set to expire late in 2027.
“We sold this to a local investor who saw the rare opportunity to capitalise on a blue-chip location’s incredible growth trajectory – he’s banking on the positive impact of future surrounding developments, anticipated increase in rents, and the uplift of the area,” Talbot said.
“This record-breaking sale and the recently concluded sale of the Saint Germain development across the road reflect the huge confidence investors have in the prospects of Toorak Village.
“Fitzroys has now sold five Toorak Road properties in the last 12 months and we have multiple bidders still actively seeking opportunities in the Village.”
Opposite the recently completed St Germain luxury commercial development, close to the Toorak Village residences and offices project on the corner of Mathoura Road, and just metres from the soon-to-be constructed One Toorak Place development, 456-460 Toorak Road also sits within one of the Victorian Government’s new Activity Centre precincts.
As a major key tram, train, jobs and services hub, Toorak Village has been earmarked by the Victorian Government for intensive development of residential and mixed-use buildings of up to 12 levels on and around the strip over the coming decades.
“The Activity Centre initiative is projected to boost the existing established and affluent catchment and further support trade and activity along Toorak Village,” Waddell said.
“Toorak Village already boasts a strong shopping and hospitality offering of prestigious local and national tenants that services Melbourne’s most exclusive catchment, which has a median house price of $5.45 million1.”
He added that there is excellent transport connectivity to Toorak Village, via the 58 tram operating along Toorak Road, and Toorak Railway Station being within walking distance, providing quick access to Melbourne’s CBD and the surrounding suburbs.
Over summer, Talbot and Waddell sold the vacant 416 Toorak Road, Toorak property for $2.7 million, on a strong land rate of $13,500 per sqm and reflecting an indicative yield of 2.5%. That followed the sale of the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000 per sqm.
1 realestate.com.au, March 2026
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