OpenCorp Coming To Toorak Road

Market Insights
8 years ago
2 minutes

Melbourne-based property developer and fund manager OpenCorp has acquired a $6.5 million site located in Hawthorn East.

The purchase of 757-763 Toorak Road brings the total value of OpenCorp’s Victorian developments to over $100 million, and nationally to over $500 million.

The private developer muscled out local and offshore developers via a competitive tender process to purchase the highly desired Hawthorn East site from VicRoads.

According to Savills CBD & Metropolitan Sales team, who brokered the deal, the campaign generated very strong interest with over 80 interested parties.

“We recognised when the Boroondara Council changed their planning scheme there would be a limited supply coming into the market as a result, so we have been aggressively chasing opportunities in that area,” says OpenCorp Director Allister Lewison.

“OpenCorp provided the most attractive purchase terms to the State Government.”

OpenCorp has also recently purchased a site in Ivanhoe, also within the Boroondara Council zone.

OpenCorp has engaged award-winning architects Rothelowman to design the Hawthorn East development with the aim of attracting owner-occupiers in the area.

“Rothelowman’s reputation among the eastern suburbs ensures the firm will deliver the same high standard locals have come to expect in this prestigious postcode,” says Lewison.

Hawthorn East has long been a sought after area for Melbourne buyers, encompassing several primary and secondary schools, parks, tram lines and four train lines running through the suburb.

According to sales data reported in July 2015, Auburn Primary School in Hawthorn East is the third most sought after primary school in state, driving housing prices up 24 per cent from parents hoping to enrol their children in the school.

The median house price of the subject is currently $1.45 million for a three-bedroom home.

“Given the high median price point of homes in the area, there’s significant demand for well designed apartments from local downsizers and young couples looking to establish themselves near quality schools,” Lewison says.

“More apartments in these sought after areas are needed in order to curb Melbourne’s urban sprawl which remains an ongoing issue.”