Design-driven property developer Orchard Piper has received approval for their $120-million super-premium mixed use development in one of Melbourne’s most affluent suburbs.

Situated in the heart of Toorak Village on a prized corner site, Orchard Piper’s project received unanimous support from the City of Stonnington for the consolidated properties at 109 Mathoura Road and 420-426 Toorak Road.

Designed by the world-renowned architectural practice, Kerry Hill Architects – known for their award-winning luxury hotel and resort portfolio – the Toorak Village project will offer 9 exclusive luxury apartments including a penthouse, combining unrivalled amenity with seamless access to the evolving village and its retail and hospitality offerings. While the 6-storey residential building will front Mathoura Road, the 3-level office component and ground-floor retail are located on Toorak Road.

Featuring just two apartments on each floor, each residence will have three bedrooms, three side-by-side carpark spaces and its own private lobby. The single floor 400-square-metre, four-bedroom penthouse with 360-degree views, wraparound terrace, pool, wine cellar and more, is already making headlines for getting sold to a retired businessman for a whopping $12.5 million even before the design was finalised, reflecting the demand for apartments in the luxury segment.

The Toorak Village project, which is just a short journey to the CBD, also offers high-end ground-floor retail and commercial offerings on Toorak Road including three floors of premium-grade office spaces, and a covered retail colonnade activating the street level. Orchard Piper will be moving their head office to the top floor of the building.

The Toorak Village development adds to Orchard Piper’s $1.1 billion property portfolio, which includes completed projects worth $200 million in Stonnington alone. The project also marks the developer’s foray into the mixed use building segment after having established themselves in the high-end luxury apartment market.

“We are very encouraged by Council’s positive response to the project and their interest in supporting high-quality architecture in the municipality," Orchard Piper director Luke McKie says.

"This approval will transform a key corner of the Village and make a significant contribution to the streetscape, further driving the Village’s ongoing resurgence.”

The project will be Kerry Hill Architects’ first in Victoria.

“Together with KHA, we are highly conscious of the impact the built form has on community and its enjoyment of streetscapes and surrounds," McKie noted. "We take pride in our work and hope this quality addition to Toorak will be an asset for generations to enjoy.”

On the penthouse’s off-the-plan sale, Orchard Piper director Rick Gronow said, “We have received keen interest from our established network in preparation for this project – so much so that we have been working with the purchaser of the penthouse for a few years now.”

"They realise how rare of an offering this project is, and wanted to make sure they secured one of Melbourne’s finest penthouses ahead of the market, based on their previous knowledge of the quality that Orchard Piper delivers.”

Orchard Piper has appointed Marshall White's Marcus Chiminello and Kay & Burton's Andrew Sahhar to market the eight remaining apartments.

Observing that the high-end prestige market was experiencing strong performance, defying “the general negative commentary created by increasing rate hikes”, Chiminello said, “Inventory levels for quality properties are not keeping up with the pent-up demand for downsizers looking for bespoke, lock-up-and-leave apartments in and around Toorak Village.”

Ben Baines and Matt Knox of Colliers have been engaged to handle the office spaces while Tom Larwill, also of Colliers, is responsible for leasing the two retail tenancies on the ground floor.

The Toorak Village project is one of Orchard Piper’s four current projects, part of their $800-million pipeline scheduled for completion over the next five years.

Construction of the Toorak Village project is expected to begin later this year.

Branko Miletic

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