Orchard Piper has officially launched One Toorak Place, its new flagship address at 7–11a Carters Avenue, Toorak, marking a major step forward in the evolution of Melbourne’s elite commercial and residential precinct.

The $400-million mixed-use project, designed by Kerry Hill Architects, will deliver 2,000sqm of premium office space across 13 boutique suites to Melbourne’s commercial office sector, supplemented by luxury apartments and ground-floor retail including fine dining and café experiences. Two adjoining suites have already been sold pre-launch to a family office for a combined $7.3 million, with the remaining commercial offices priced from about $2.2 million.

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Renowned restaurateur Chris Lucas will introduce two new hospitality concepts to the precinct.

“Having Lucas Restaurants underpinning the retail offering in the building is an enormous milestone,” says Oliver Hay, International Director, Investment Sales at Cushman & Wakefield. “An operator of that quality literally at your doorstep is set to benefit both residents and commercial owners. Chris is also offering in-room dining and event experiences as a part of the development.”

The family office, which has leased space in Toorak Village for more than three decades, had been searching for a commercial space to buy for years but found no comparable options until One Toorak Place. Hay expects strong demand for the remaining 11 offices, starting from 109sqm and suited to medical practitioners, SMEs and family offices, given the scarcity of high-quality office space across Stonnington.

Situated just 150 metres from Toorak Village, One Toorak Place provides convenient access to Hawksburn and South Yarra stations, Como Park and the Yarra River, while offering a private, tree-lined frontage along Carters Avenue and Ross Street.

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The launch of One Toorak Place follows Colliers’ complete sell-down of Orchard Piper’s 420 Toorak Road development, which generated about $20 million from five boutique office suites. The final suite, a 245sqm space, recently sold for $4.4 million, setting a record $18,000/sqm rate for the area.

“The sell-out success of 420 Toorak Road highlights the confidence we’re seeing from high-net-worth investors, medical specialists and owner-occupiers seeking secure, long-term assets in prestige locations. Toorak remains one of Melbourne’s most tightly held commercial markets, defined by exceptional design, accessibility and limited new supply,” says Ben Baines, Director, Investment Services at Colliers.

Images: Supplied

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