Orchard Piper achieves record sales rates at Toorak Village
Design-led developer Orchard Piper’s latest mixed-use, super-premium offering in Melbourne’s most affluent enclave, Toorak Village, has solidified its status as the city’s most exclusive address - achieving the sales of both sub-penthouses for record rates.
The level four residences located at the corner of Mathoura Road and Toorak Road, Toorak, each sold for north of $11.5 million, exceeding $38,000 per square metre.
These sales mark the project as over 70 per cent sold and bring the building’s average sales price per apartment to $8 million, with an average per square metre rate exceeding $32,000 – the highest of any building ever in Melbourne, according to Chris Pulvirenti, Director of Savills Melbourne.
Orchard Piper Director Luke McKie says the recent sales, combined with the overall strong reception to the project, have been encouraging in what is a two-speed market.
“The market has responded with confidence to this extremely rare opportunity within the Village as it goes about a period of significant renewal and transformation," McKie says.
"These sales demonstrate the deep local demand for high-quality, tasteful architectural development. It marks the reception of a new design standard for Melbourne – a theme we continuously aim to exceed across our portfolio.”
Read more: Creating luxury apartments in luxury suburbs: Five minutes with Orchard Piper's Luke McKie
With the project designed by internationally renowned Kerry Hill Architects, the two sub-penthouses boast impressive house-like proportions - each around 330 sqm in size and with three bedrooms, three bathrooms, multiple living zones and three car spaces.
The sub-penthouse sales further complement the earlier sale of the project’s 400 sqm penthouse, which was achieved last year for $12.5 million.
Orchard Piper Director, Rick Gronow, says all three residences - the penthouse and sub-penthouses - were sold to existing Toorak locals through the developer’s own networks.
“They are all downsizers—Toorak residents not wanting to leave the community they know, but wanting a step up in quality, amenity and an increase in security at a more manageable scale,” said Gronow.
“They also recognise the change happening in Toorak Village, as new retail, restaurants and occupants continue to fill the old spaces of the Village - reinvigorating it and bringing new energy.”
Fronting 109 Mathoura Road, the residential building encompasses nine spacious apartments, each with a minimum of three bedrooms and three on-grade, side-by-side car spaces. Offering a level of privacy for residents not typically provided, each residence comes with its own private lobby, with a maximum of two properties per floor.
The project will also have three floors of premium offices, with a covered retail colonnade activating the street level. Four of the five full-floor and half-floor premium-grade strata office stock, ranging from 210 sqm to 930 sqm, have been sold, achieving an average sales rate exceeding $18,500 per square metre.
Toorak Village marks the first of three exclusive projects in the Orchard Piper and Kerry Hill Architects alignment, which will see KHA’s designs brought to Melbourne for the first time. This includes a $400 million super-premium mixed-use project located at the previous, well-known Mercedes Benz Toorak site at 7–11A and 17–19 Carters Avenue, as well as a $300 million, 17-storey 5-star hotel and developer-branded residences situated at the heart of Melbourne's sporting, entertainment and arts precinct, at 448 St Kilda Road.
Construction for Orchard Piper’s Toorak Village project is well underway, and due for completion in the second half of 2025. Orchard Piper’s Albert Street Melbourne project is due for completion in early 2025 as well.
