Analysing Toorak Village’s Remarkable Revival
Article | 2min read
by JONES REAL ESTATE on July 17, 2023
Melbourne’s leafy inner-eastern suburb of Toorak has long held the moniker for one of the city’s most affluent residential areas, with eye-watering house prices averaging $5 million.
Just last year, a new suburb record was set for the sale of 29-31 St George’s Road – a near derelict 7,200 square metre property – which notched a whopping $80 million.
But, while it is widely known for its desirable dwellings, a new wave of state-of-the-art commercial developments dotted throughout its thriving village are bringing to market a new frontier of office, boasting the same level of opulence and exclusivity.
Toorak’s Rich Commercial & Retail History
Over the decades, Toorak’s iconic shopping village between Grange and Williams Roads has grown significantly, with institutions like the Tok H Centre and Trak Lounge Bar, as well as vibrant eateries including Romeo’s, Monkey Bean and Dan’s Deli, all contributing to the evolution of the area’s commercial fabric.
More recently, these long-standing social hotspots have been joined by a host of high-end brands like Mercedes Benz, a full-line Woolworths supermarket and ‘grab-and-go’ Coles, delicatessen, Vintage Cellars, and new eateries like Venetian restaurant Cecconi’s will soon open their doors.
Thanks to these recent additions to Toorak’s retail DNA, this has caused a surged in interest levels among developers looking for the next ‘it’ suburb among the business community, pre-equipped with amenity to service the growing worker population and existing residents.
Luxury Mixed-Use Developments That Will Drive Demand in Toorak
A strong pipeline of luxury mixed-use developments is set to shake the Toorak commercial landscape from its slumber and further transform it into a haven for luxury commerce and exclusive offices.
One of the latest and most anticipated offerings to hit the Toorak market is Vicland’s $250 million St Germain development, which stretches across eight ‘stepped levels’ and comprises over 10,000 square metres of office space, as well as a further 3,500 square metres of retail anchored by Coles and other specialty stores.
This landmark project boasts design-led commercial suites and an incredible array of business and social amenity, including a shared rooftop space with sweeping views of the CBD, premium end of trip facilities and other conveniences for workers.
Furthermore, one of Melbourne’s largest social wellness club’s – Olympia– offers hardworking tenants a chance to recharge on-site at its 1,000 square metre urban bathhouse.
Furthermore, Orchard Piper will be delivering a boutique retail offering on its 1,415 square metre ground floor, while three sprawling levels of premium office space will sit atop this.
When finished, Toorak Village will be suitable for blue ribbon organisations across a myriad of business verticals, and Orchard Piper is so bullish about the Toorak market that it will be moving its head office into the project upon its completion.
Jones Real Estates Forecast for the Toorak Market
This recent flurry of commercial activity in the area is expected to boost confidence among developers, accelerating future office development plans for Toorak and in established surrounding retail and business precincts like South Yarra.
While some businesses prefer a CBD address, we are seeing more corporations seek out new digs in fringe areas, as this allows them to remain within easy reach of the city, but avoid the everyday hustle and bustle of inner-city commuting – making areas like Toorak an increasingly attractive proposition.
If you would like to learn more about commercial real estate in Toorak, current sales and leasing opportunities in the area, or would like to discuss a separate property matter, please connect with Jones Real Estate at firstname.lastname@example.org.