Toorak: Luxe retail and office hub could sell for $200m
Property developer Bill McNee's Vicland Property Group has put the nine-storey St Germain site at 505 Toorak Rd up for sale.
Described on the company's website as 'Melbourne's most exclusive office', its tenants include Coles, property development company Deague Group, real estate agency Kay & Burton, supermarket Scoop Wholesale and fine dining restaurant Cecconi's.
High-end gym and wellness club operator Saint Haven, founded by property mogul Tim Gurner, is another tenant.
Last year, Saint Haven's St Germain base made headlines for memberships which reportedly cost between $500 to $1000 per week for services such as reverse-ageing technology, personal lockers for members' favourite fragrances and a Bentley airport chauffeur service.
St Germain features a communal rooftop terrace with Melbourne city views, landscaped terraces on multiple levels and a curved glass tower that 'symbolises the aspirational future of Toorak', according to an online video produced on the project for the 2024 Victorian Architecture Awards.
End-of-trip facilities and 168 car parks are also on offer.
The mixed-use development has been listed for sale after reaching 100 per cent occupancy, with construction on the high-end building wrapping up in 2023.
Commercial real estate agency Cushman & Wakefield's international director and co-head of investment sales, Daniel Wolman, said that he was expecting St Germain to attract interest from international buyers.
'We have no doubt we will get a lot of interest from Victoria, Australia and offshore including Asia and possibly Europe and America, as it's such a special building,' Mr Wolman said.
St Germain's overall rental returns add up to about $10.5m per year.
In 2021, Vicland Property Group sold a nine-level office building on the site of the Jam Factory's former carpark at 11 Wilson St, South Yarra, to German fund manager Real IS for $75m.
Industry sources indicated that St Germain's $200m price tag is the highest amount that a Melbourne mixed-use development outside of the CBD has ever been listed for.
Other Cushman & Wakefield agents working on the sales campaign are Nick Rathgeber, Leigh Melbourne, Oliver Hay, Mark Hansen and Leon Ma.
Expressions of interest close on June 25.
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