Image via EY
Billionaire Chemist Warehouse co-founder Jack Gance and his wife Evelynne have made one of Victoria’s biggest residential moves of the year, purchasing a sprawling Toorak compound for more than $80 million. The trophy acquisition, reported by The Australian Financial Review, underscores the extraordinary wealth created following the pharmacy giant’s $34 billion reverse merger with Sigma Healthcare.
Although the final sale price will be disclosed upon settlement, industry sources suggest the Gances paid at the upper end of the $80–$88 million guide. The double-block estate on Lansell Road spans a rare 6,336 square metres in Melbourne’s most prestigious suburb, making it one of the largest privately held parcels in Toorak without heritage restrictions.
A Landmark Block With Significant Provenance
The vendors, property developer V-Leader managing director Andy Zhang and his wife Miaomiao, assembled the site over two major transactions. In 2015, the couple purchased the first 4,367sqm property for $17 million, a contemporary white mansion with domed ceilings, an indoor pool and a tennis court. They later acquired the adjoining 1,969sqm home in 2021 for $22 million from former Australian consul-general to New York, Phillip Scanlan.
Kay & Burton agents Ross Savas, Nick Kenyon and Jamie Mi listed the compound in September, describing it as one of the last opportunities to secure a significant Toorak landholding free from heritage constraints. All agents declined to comment following the sale.
Super-Prime Toorak Market Fueled by Pharma Wealth
The acquisition marks another major prestige purchase linked to the financial windfall generated by the Chemist Warehouse–Sigma merger. In recent months, Chemist Warehouse founders and long-time partners have been behind several headline-making ultra-luxury home transactions.
Just two months ago, Gance began selling down part of his Sigma stake, offloading roughly $480 million in shares through Macquarie Capital. The couple is now expected to build a single luxury compound on the newly acquired site, a move that would place them alongside Toorak’s other mega-landholders, including John Gandel’s Bedford estate on Albany Road and crypto entrepreneur Ed Craven’s $150-million-plus redevelopment on St Georges Road.
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