Four Shops Sold in Toorak Road, South Yarra in the Same Week
Gorman Commercial recently sold four shops in Toorak Road, South Yarra in the same week.
The first sale at 329-333 Toorak Road and 2 Tivoli Road, South Yarra incorporated three separate buildings of a combined 587 sqm area with 38 metres of frontage to Toorak Road. The iconic corner property sits in an Activity Centre Zone allowing for development upside for office, residential or mixed-use (S.T.C.A.) on 413 sqm of land. Over 70 enquiries were received throughout the expression of interest campaign run by Jonathon McCormack and Stephen Gorman of Gorman Commercial.
Six expression of interest offers were submitted with the site selling to a local Melbourne based owner occupier looking to build a new office building. Jonathon McCormack declined to disclose the selling price, but mentioned it reflected in excess of $13,000 psm land.
The second sale was of a well-known wine bar leased to “Shadowboxer” at 302 Toorak Road, South Yarra. Andrew Prowse and Jonathon McCormack of Gorman Commercial sold the property for $1,990,000 to a local investor who regularly frequented the restaurant on a land rate of $9,255psm. Andrew Prowse commented, “The property was initially earmarked for an on-site auction, but with restrictions in place, we pushed ahead and converted to an online platform with buyers showing no concerns with the online process resulting in active bidding and the sale price reflecting a 4% yield.”