A prime opportunity has emerged in Melbourne’s prestigious suburb of Toorak, where a significant property comprising two houses and a tennis court is now on the market. The expansive 6,340 square meter estate on Lansell Road is listed with a price expectation between $80 million and $88 million. This offering is particularly notable as it also includes neighboring properties available as part of an $80 million package deal, presenting a rare chance for buyers in one of Australia’s most expensive neighborhoods.
The properties are currently owned by Andy Zhang, managing director of V-Leader, and his partner Miaomiao Zhang. In 2015, they purchased the larger 4,367 square meter property for $17 million, followed by the acquisition of the adjacent 1,969 square meter parcel for $22 million in 2021. Originally intended as the site for their dream home, the owners have opted to sell after finding an existing residence that aligns better with their vision.
According to Ross Savas, managing director of Kay & Burton, the property represents one of the most significant development opportunities in Toorak in recent years. He emphasizes that the landholding is exceptional in scale and flexibility, free from heritage protections, allowing for various development options.
Unique Development Potential in Toorak
This listing includes two separate titles, making the total area exceptionally rare. Savas points out, “With more than 6,340 square meters at the pinnacle of Lansell Road, this double allotment invites a visionary buyer to create one of Toorak’s most significant private estates or explore a landmark residential development, subject to council approval.”
The market has seen fewer properties of this size without heritage overlays, with only two comparable listings identified by Landchecker at 31 Albany Road and 29-31 St Georges Road. The latter was acquired by cryptocurrency investor Ed Craven in 2022 for just over $80 million, setting a new benchmark for residential sales in the area.
The current state of the property market suggests a high level of interest, both locally and internationally. Savas anticipates strong demand from potential buyers looking to create a generational estate or developers aiming for a prestigious new project in Melbourne’s premier location.
Market Context and Future Prospects
The Lansell Road properties allow for various options, including the development of a luxury compound, two grand homes, or a multi-residential project. The recent sale of Coonac, a nearby mansion that fetched more than $100 million, has further heightened interest in high-value properties in the region.
The expressions of interest campaign for the Lansell Road properties will close on October 25, 2023, managed by Savas, Nick Kenyon, and Jamie Mi from Kay & Burton. This marketing push is expected to attract significant attention from affluent buyers keen to invest in Melbourne’s evolving luxury real estate market.
As the landscape of Toorak continues to change, opportunities like this are becoming increasingly rare, making this listing a compelling prospect for those looking to make a mark in one of Australia’s most prestigious suburbs.
