Toorak Village Regeneration Strong Strata Result

525 Toorak Road, Toorak 

The regeneration of Melbourne’s shopping strips continues to create competitive investment campaign conditions. 

In the latest sale, a private investor bought a strata-titled Toorak Village retail property at a very high building rate of around $15,000 per sqm following an auction contested by multiple bidders. 

Fitzroys’ Lewis Waddell and Chris Kombi sold 525 Toorak Road, Toorak for a local family. 

The 74sqm shop was offered with a 3+3-year lease to multi-store tenant Nutrition Shark. It is located at the entrance to Toorak Place, next to door to Commonwealth Bank and metres from Coles and Woolworths supermarkets. 

Waddell said prime locations such as Toorak Village are underpinned by strong surrounding values and regeneration, and properties are trading well – reflected in this case by the strong sale price and tight 5.2% yield. 

“Private and self-managed super fund investors were attracted to the property’s location within fast-evolving Toorak Village, rare affordable price point, yield being a strata-titled property, and low land tax obligation,” Waddell said. 

“Toorak Village is witnessing a number of key developments at the moment. Following completion of the $300 million St Germain mixed-use development, attention now turns to Orchard Piper’s $150 million mixed-use project on Toorak Road, and its $400 million luxury apartment development on Carters Avenue, which will be anchored by renowned hospitality group The Lucas Collective.” 

“These developments are transforming the strip, adding to the already-strong catchment and bringing additional pedestrian traffic through day and night, boosting trade, and enhancing rental prospects,” he said. 

According to Fitzroys’ new Walk the Strip report, Toorak Village was one of Melbourne’s best-performing shopping strips over the past year, with vacancies coming down from 11.0% to 7.7%. 

Kombi said Toorak Village also benefited from being highly accessible, with good car parking, the Route 58 tram passing through providing direct access to the CBD, and Hawksburn train station within easy walking distance.