"Orchard Piper is an award-winning developer with extensive experience and an excellent brand in both Melbourne and specifically the Toorak market."
Progress on Orchard Piper’s Toorak Village project has been accelerated substantially after one of Australia’s leading commercial real estate investment specialists, MaxCap Group, announced that they would be providing a first mortgage land and construction facility to Orchard Piper to provide end-to-end funding for Toorak Village.
Luke McKie and Rick Gronow's Orchard Piper purchased the amalgamated 1,415 sqm site at 109 Mathoura Road and 420-426 Toorak Road last year, in a major transaction for the area; the six individual properties that make up the land parcel had not been exchanged in over 40 years. Plans for a six-storey mixed-use tower, which would be worth a reported $120 million, were lodged a few months ago.
The Toorak Village precinct is currently undergoing streetscape improvements that will provide new footpaths, revamped lighting, and additional street furniture, thanks to the City of Stonnington's urban design team. With construction on Orchard Piper's project expected to commence in mid-2023, 109 Mathoura Road/420-426 Toorak Road will be developed alongside the broader area's upgrades.
Designated area intended to be affected by Toorak Village streetscape improvements
Commenting on the partnership, MaxCap's Victorian State Director, Johnny Woodhouse, was quick to highlight the track record of the developer. "Orchard Piper is an award-winning developer with extensive experience and an excellent brand in both Melbourne and specifically the Toorak market,” Mr. Woodhouse explained.
“We are delighted to partner with them on this development."
The transaction was completed with Patrick Kypreos and Matthew Phills from EGA Corporate Advisory providing assistance to both parties.
Read Sandra LoGiudice's interview with MaxCap's Chief Investment Office, Brae Sokoloski.
