Image: Orchard Piper, One Toorak Place
A James Packer–backed luxury residential development in Melbourne’s Toorak has already secured $125 million in pre-launch sales, signalling strong demand in the ultra-premium property segment. According to the Australian Financial Review, one of the latest deals was a four-bedroom apartment sold off-the-plan for $13.25 million, reinforcing the project’s momentum before construction even begins.
A New Benchmark in Toorak Luxury
The development, One Toorak Place, is a joint venture between boutique developer Orchard Piper and investment vehicle NPACT, founded by Todd Nisbet and backed by Packer. Orchard Piper acquired the 3,589 sqm former Mercedes-Benz Toorak site in 2022 for $67 million, with plans now moving toward construction, according to Build Australia.
Architectural design is led by Kerry Hill Architects (KHA), while landscaping is overseen by Myles Baldwin Design, as noted in Orchard Piper’s project details. The project will deliver 47 residences above boutique commercial and retail spaces, plus a hospitality precinct helmed by restaurateur Chris Lucas. Hotel-style amenities are central to the appeal, including a 25-metre pool, concierge, private transfers, wellness retreat, spa and treatment rooms, golf simulator, and resident lounges.
Record-Setting Sales
One Toorak Place has already become a focal point for milestone sales in Toorak’s high-end apartment market. In May, Accent Group CEO Daniel Agostinelli and wife Lynette secured the penthouse for $20 million, setting a new apartment record in the suburb. Two months later, Toorak local Paul Rosen paid $12.65 million for a four-bedroom apartment, translating to $43,174 per square metre — one of Toorak’s most expensive rates. Most recently, the $13.25 million four-bedroom sale in September confirmed that demand remains robust (AFR).
This trajectory aligns with broader prestige market activity, with another record-breaking apartment sale on Toorak’s “millionaire’s row” further underscoring the suburb’s continued appeal for high-net-worth downsizers and investors.
Planning Challenges and Next Steps
The project’s path wasn’t without hurdles. Stonnington Council initially sought to impose height restrictions, but Orchard Piper and NPACT successfully appealed to VCAT, restoring the full eight-storey design. Formal planning approval was secured earlier this year, with construction expected to begin late 2025.
On the financing front, MaxCap’s $120 million construction facility has bolstered Orchard Piper’s delivery prospects, ensuring the developer is well-capitalised as works commence.
Market Significance
Property analysts suggest the project illustrates a new direction for Melbourne’s luxury market — residences designed to function like hotels, blending hospitality, retail, and residential amenities. With limited development sites available in Toorak and a buyer pool willing to pay record-setting prices, One Toorak Place demonstrates the resilience of the prestige apartment sector.
This trend is mirrored by activity in Toorak Village, where premium office opportunities and high-value retail investments are reshaping the local precinct. Together, these projects highlight how Orchard Piper is playing a leading role in redefining the suburb’s built environment.
As Orchard Piper has stated in its official materials, the development is positioned to “set a new standard for Melbourne apartment living.” If delivered to plan, it may well become a case study in the evolution of suburban luxury living in Australia’s most tightly held postcodes.
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