SOUTH YARRA SQUARE SOLD IN ONE LINE TO OREANA PROPERTY GROUP
177 TOORAK ROAD, SOUTH YARRA
PROMINENT SOUTH YARRA STRATA COMPLEX SOLD IN ONE LINE BY EMMETTS
A prominent South Yarra development site has been acquired by Oreana Property Group for an undisclosed sum in a deal negotiated by Emmetts Real Estate.
Located at 177 Toorak Road, the 1,853m2 strata titled property currently comprises a mix of offices and retail shops and is widely known for its European styled piazza fronting Toorak Road.
Oreana Property Group are proposing to develop a luxury hotel, offices, wellness centre, restaurants and retail shops.
Oreana Property Group’s Joint Managing Director – Mr Steven Sass, said ‘the purchase represents a unique opportunity to develop an iconic landmark in one of Melbourne’s most sought after locations. We’ve long held the view that this part of Toorak Road offers enormous potential. We’ve seen the emergence of this in recent years with several larger scale projects transitioning the precinct from predominantly shopping and entertainment to also being a sought after business and accommodation precinct in its own right Mr Sass said’
Our vision for the site is to create iconic hospitality, office and retail facilities which are world class but which are uniquely South Yarra and Melbourne at heart. Planning and design has commenced and we anticipate applying for Development approvals in the second half of 2021, Mr Sass said’
The Sale was negotiated by Charles Emmett of Emmetts and involved the acquisition of some 11 Lots from various owners. Mr Emmett said it can be incredibly challenging to reach simultaneous agreement with all lot owners within a strata development to sell and it is a credit to the lot owners in this instance who ultimately came together to sell simultaneously. As prime inner city developable land becomes more scarce, we expect to see more strata developments like this being sold in one line. A lot of older strata developments occupy significant landholdings. As planning policies have evolved to facilitate more density and height in many inner city locations, the economics of selling as a united group really start to stack up.
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