News release

Toorak development opportunity comes to market

JLL appointed to sell Toorak Hill with permit approval for 13 high-end residences

August 24, 2021

MELBOURNE, 24 August 2021 – A large landholding in Toorak, one of Melbourne’s most affluent and sought-after suburbs has come to market.

JLL’s Executive Director of Capital Markets- (Victoria), Josh Rutman, Director Nick Peden, Executive Tim Carr and Associate MingXuan Li have been appointed to sell Toorak Hill at 763 Malvern Road via an Expressions-Of-Interest campaign and expecting to receive offers of more than $7.5 million.

The project has approvals for 13 high-end apartment residences designed by renowned Bruce Henderson Architects. The majority of the residences will include three bedroom and two bathrooms.

Mr Peden said, “763 Malvern Road is ideally located within Melbourne’s most coveted suburb boasting a median house price of more than $5 million and 30 percent higher than that of the next best suburb being Middle Park. Of Melbourne’s 36 highest house sales since January 2020, Toorak was responsible for 21 of these, accounting for almost 60% of Melbourne’s highest value house sales in recent years.”

Mr Rutman said, “The development market in Melbourne has proven its resilience in the past 12 months, leading national development activity as at Q1 2021.”

“Demand for future development sites in Melbourne remains high, with declining land supply playing a significant role. Residential development is actively returning, especially for smaller, boutique projects,” Mr Rutman said.

Toorak has seen significant development activity in recent times, with some of Melbourne’s most high-profile developers active within the suburb. With the residential market in the City of Stonnington constantly on the rise, long-term residents of large family homes are looking to downsize to a high-end apartments, where the maintenance of the house and gardens is almost eliminated and the amenity is improved. One factor these downsizers will not compromise on is location and there are very few suitable projects that will satisfy this discerning demand, Toorak certainly does.

According to JLL Research a major wave is currently underway in Melbourne, with the state topping national supply levels in projects under construction, for sectors including residential, office, hotel, student accommodation and build-to-rent.

Expressions-Of-Interest for 763 Malvern Road, Toorak close on Thursday 16th of September 2021 at 2pm. 


About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.