The 270 sqm building, purpose built for Westpac in the 1980s, has been leased at circa $1,000 per square metre, highlighting the strength of Toorak Village’s commercial property market at a time when many banks are scaling back their physical presence.

Toorak Village’s Transformation
Toorak Village has undergone a major resurgence over the past five years.

Landmark redevelopments by Vickland and others have injected new life into the precinct, with recent transactions approaching the $200 million mark.

High profile developers such as Orchard Piper, backed by prominent investors including James Packer, are reshaping the Village. Projects include the near complete redevelopment of the former chemist site at Mathoura Road and Toorak Road, and the soon to commence transformation of the former Mercedes-Benz dealership in Ross Street.

The area’s revitalisation has been fuelled by downsizers moving from large homes in Toorak, Armadale, Malvern, Hawthorn, and South Yarra into luxury apartments in and around the Village. This affluent base has driven demand for premium retail and commercial spaces, providing long-term security for businesses like Westpac.