416 Toorak Road, Toorak
Melbourne’s prime shopping strip market is closing out 2025 in strong fashion, with a vacant Toorak Village freehold selling off-market for a bumper price.
Fitzroys’ Lewis Waddell and Mark Talbot 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%.
The property comprises a shop, rear storage plus garage parking with a frontage of 5.9m to Toorak Road and side and rear road access.
“It’s an extraordinary price for a single shop of around 150sqm on just 196sqm of land,” Waddell said.
“We were able to match the record sale price that this property sold for not long ago at auction.
“The price also represents one of the absolute lowest indicative yields for an investment play along Melbourne’s strips in 2025.”
Waddell said the buyer is an overseas Asian investor sourced off-market from Fitzroys’ extensive database, who will hold the property as an investment, potentially with an eye to a future value-add play.
“The buyer was attracted to the property’s strong underlying land value given its location in blue-ribbon Toorak, the excellent investment prospects of Toorak Village amid a generational period of revitalisation around the strip, and the potential to add more levels to the property in future.”
Talbot said, “The sale demonstrates the strength of blue-chip suburbs such as Toorak with high growth prospects due to surrounding developments.
“Toorak Village is one of the best examples of the renewal that’s currently being seen across Melbourne’s shopping strips. Developments along the strips are adding significantly to the immediate residential and worker populations, boosting trade prospects, and security of rent income.”
The 416 Toorak Road property is just two doors from Orchard Piper’s $120 million mixed-use project, while Vicland’s St Germain development has in recent years delivered 10,000sqm of offices, a Coles Local supermarket, and leading health and wellness club Saint Haven to the strip.
Orchard Piper is also developing a $400 million boutique apartment project moments away on the Mercedes-Benz dealership site on Carters Avenue. At 410 Toorak Road, Prime Edition is delivering a boutique residential project.
Toorak Village was also recently named by the Victorian Government as one of of the 25 new Activity Centres around transport nodes1, which will be subject to new zoning controls.
According to Fitzroys’ latest edition of the Walk the Strip report, Toorak Road, Toorak recorded one of the biggest improvements in vacancies of all of Melbourne’s shopping strips over the past year, coming down from 11.0% to 7.7%.
416 Toorak Road is further supported by its proximity to Toorak train station and its position on the Route 58 tram line, both of which provide easy access to the CBD.
Fitzroys has now sold circa $7 million of property along the length of Toorak Road recently. That includes the sales of the strata-titled 525 Toorak Road, Toorak for $1.070 million, on a very high building rate of around $15,000 per sqm, and the $2.96 million sale of 125-127 Toorak Road, South Yarra.
1 https://vpa.vic.gov.au/activitycentres/
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