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News.com.au
28-05-2025
- Business
- News.com.au
Myer family reveal ritzy new look for Toorak estate aiming to be Melbourne's second $100m home
The Myer family's sprawling, $100m Toorak estate Cranlana has been green-lit for an incredible renovation that could transform it into Melbourne's most prestigious home. The 62 Clendon Rd property is now approved for a new pool with a neighbouring wellness centre, several outbuildings an interior redesign and a striking tennis court zone in its expansive gardens. It remains the city's most expensive active property listing, after hitting the market in spring last year with a $96m-$105m asking price. RELATED: Arrotex pharma boss billionaire Dennis Bastas firming as $100m+ Toorak buyer Myer family: First look inside Toorak's Cranlana estate being sold by retail empire founders Toorak's $50m Besen estate quietly sold off in one of 2025's biggest deals That sum has subsequently been trumped by the more than $100m sale of nearby mansion Coonac, by former Essendon Football Club president Paul Little and his Melbourne University chancellor wife Jane Hansen. But Myer Family Investments have now revealed plans for a Heritage Victoria-approved overhaul to the 1.14ha landmark they are understood to have been seeking since prior to it being offered for sale. An initial deadline for buyers interested in the home was set for November 11 in 2024, but Toorak locals and industry sources had indicated there were question marks over how feasible a renovation would be at the heritage listed property. The release of a selection of renders, and details that include a new pool, a 20-car basement garage and modernised living spaces within the home surprised many of these parties. The home is approved for a new pool with an accompanying wellness centre in its expansive gardens. The impressive residence and gardens as they are today. The property is being sold by Myer Family Investments (MFI), whose chairman is Rupert Myer. Picture: Luis Enrique Ascui. Marshall White listing agent Marcus Chiminello would not discuss prospective buyers' views on the home, but said the new imagery showed what could be achieved. 'The approved plans would transform it into one of Melbourne's most impressive residences,' Mr Chiminello said. 'And it could be done in a pretty short timeline.' Cranlana has been owned by the Myer family since Sidney Myer and wife Merlyn bought it in 1903. It's Italianate style has been celebrated as a part of Toorak's heritage, while its grounds and the home itself have been used to host philanthropic and family events. He added that strong transactions continued in Toorak, with the right homes still attracting strong offers — while noting that $100m was now seen as the top end of the city's housing market. A more modern interior could now be established for the home by its next owners. Renders show that while the home is slated for a potential update, it would still retain much of its period charm and character. 'There are now probably a handful of properties worth these figures, but it's just whether they will ever come up for sale,' Mr Chiminello said. The agent said that there would be a six week window of high activity in Melbourne's most illustrious suburbs following the federal election, with about three more weeks still to go. Sales records show Mr Chiminello has had a bumper May, selling the Robertson St, Toorak, home of landscape architect to Melbourne's elite Jack Merlo on May 20. The home had been listed for $16m-$17m. He has also sold luxury homes in Armadale and a penthouse in Toorak since the federal election. Meanwhile there has been a $50m sale of the family home of the late Marc and Eva Besen, who established one of the city's wealthiest families with children including Sussan fashion label boss Daniel Besen. A redesign would look to enhance the home's sense of space and use of natural light. The 62 Clendon Rd, Toorak, property offers plenty of space as it stands. It is understood the home was sold by Kay & Burton's Ross Savas and Nick Kenyon, who also handled the $100m-plus sale of Coonac for Mr Little and Ms Hansen. Michael Gibson has also recently sold 17 Linlithgow Rd, Toorak, above expectations in a boardroom auction. Industry sources have indicated that the home sold for $12.61m, well above the $9.6m-$10.2m that had been listed as part of its expressions of interest. Mr Gibson confirmed the home had six parties attend a private auction on Tuesday, May 20, and that it was on the market at $10m . It was the second this month that they had taken to a private auction for more than $10m. 'The depth of that segment in the market is incredibly strong ... it has never been stronger,' Mr Gibson said. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Must-know home design transforming Australian suburbs, killing off beige box builds Landscape architect and gardener Jack Merlo moving into fourth Toorak mansion in five years HIA: Australia forecast to miss 1.2 million new homes construction target Originally published as Myer family reveal ritzy new look for Toorak estate aiming to be Melbourne's second $100m home
News.com.au
01-05-2025
- Business
- News.com.au
Half a garage space sells for record sum, beating mansions
A tiny space half the size of a garage has shattered millionaire expectations, fetching an eye-popping $138,125 for each square metre. The price per square metre was more than double that of Queensland's most expensive house sale 17 Webb Road, Sunshine Beach, which was $54,487sq m for the $34m house – while Australia's most expensive mansion the $150m Coonac in Toorak, Melbourne was $155,118sq m for the mansion. The 8sq m property at 8/18 Hastings Street, Noosa Heads, created a frenzy among buyers looking for a piece of one of Australia's hottest holiday strips with RWC Noosa & Sunshine Coast agents John Petralia and David Brinkley selling the stand-alone kiosk for $1.105m. Built in 2005, the kiosk was originally used as a tour bookings booth, evolving through the years with various food-based businesses in recent years, the agents said. Mr Petralia said 'it might be one of the smallest structures on Hastings Street, but it's certainly one of the most well known'. 'Its visibility and character have made it a true landmark over the years.' The property was for sale for the first time in 20 years, having last sold for $600,000 in 2005, with annual rental asking price ranging from $68,000 plus GST in 2018 to $70,820 in 2021. It is currently fitted out for food production and sales. Mr Brinkley said the new owner was a well-established coffee business which already has over a dozen sites in three states. 'We're excited to see such an experienced and reputable brand take over this iconic kiosk.' 'They're perfectly positioned to make the most of this site's high exposure and strong customer flow.' Inside The Block's biggest losers' budget comeback Mr Brinkley said 'it's a high-traffic position with incredible footfall, and that will always appeal to quality operators'. 'This sale demonstrates that even the smallest properties can command premium prices when the fundamentals are right.' The rare stand-alone structure was a big plus for the sale, they found, as was its location and visibility, all of which generated strong interest.
Sydney Morning Herald
26-04-2025
- Business
- Sydney Morning Herald
Sought-after Melbourne suburbs where house prices have plunged
'The buyer pool, where there is a median over $4 million, is quite shallow,' he said. 'But this time last year, we saw the affordable end of the market lead, and opportunistic buyers will take advantage of the price drops that we have seen at the top end. 'The supply and demand imbalance, in terms of the number of listings on the market, still leans towards a buyer's market. 'We have seen buyer confidence lift since that first rate cut, and as rates fall over the course of the year, there will be a level of buyers coming back into the market.' In Toorak, property developer and former Melbourne Grand Prix boss Paul Little sold Coonac in February for a sum that whispers placed between $115 million to $150 million. At the lower end, it sets a state record. At $150 million, it would be Australia's priciest house. Last month on Toorak's Kenley Court, the sale of an older dwelling for a reported $13 million pushed the price per square-metre record in the suburb to $17,000. Loading Buyers' agent David Morrell, director of Morrell and Koren, said the prestige market persisted. 'What we are not seeing is competitive stress above expectations, with the exception of Kenley Court - it's a triple-A block of land and they came out of the woodwork for it,' he said. 'The temperature of the market has certainly gone from a seller's market to a buyer's market, and what has bit into the marketplace on a broader spectrum is land tax in Victoria, which has really belted what we call the discretionary spend. 'That is down at the beach – people cannot afford $100,000 in land tax for a holiday house. That has stopped that market in its tracks. 'I would love it if Toorak has dropped 20 per cent, but it's just not happening.' Marcus Chiminello, director at Marshall White in Stonnington, said Toorak, as a suburb, was a sought-after 'brand', and the most prevalent place in Victoria for off-market deals. 'It can only take one or two big sales results to grossly change the median price year-on-year,' said Chiminello, who also sells in South Yarra and Armadale. 'The market has plateaued over the past two years and has really normalised. Loading 'Whether it is $5 million or $50 million, we are seeing consistent transactions. If the market was falling, that would not be occurring.' There are few postcodes in Australia where budget buyers can rub shoulders with bone fide rich listers. Michael Gibson, director of Forbes Global Properties, who lists in the eastern suburbs and bayside, including Brighton, said Melbourne's premier neighbourhoods had this breadth and depth. 'Toorak is a fascinating suburb,' he said, 'You can still buy an apartment for $700,000 but you can also pay $70 million, and I would have thought that is pretty unique for any suburb, outside of a couple in Sydney. 'I think a lot of the data is driven around the lower end – these are sales where you can see the data, but the upper end is entirely different. 'We have had sales in the last six months of $40 million and just under $70 million, done quietly, off market.'
The Age
26-04-2025
- Business
- The Age
Sought-after Melbourne suburbs where house prices have plunged
'The buyer pool, where there is a median over $4 million, is quite shallow,' he said. 'But this time last year, we saw the affordable end of the market lead, and opportunistic buyers will take advantage of the price drops that we have seen at the top end. 'The supply and demand imbalance, in terms of the number of listings on the market, still leans towards a buyer's market. 'We have seen buyer confidence lift since that first rate cut, and as rates fall over the course of the year, there will be a level of buyers coming back into the market.' In Toorak, property developer and former Melbourne Grand Prix boss Paul Little sold Coonac in February for a sum that whispers placed between $115 million to $150 million. At the lower end, it sets a state record. At $150 million, it would be Australia's priciest house. Last month on Toorak's Kenley Court, the sale of an older dwelling for a reported $13 million pushed the price per square-metre record in the suburb to $17,000. Loading Buyers' agent David Morrell, director of Morrell and Koren, said the prestige market persisted. 'What we are not seeing is competitive stress above expectations, with the exception of Kenley Court - it's a triple-A block of land and they came out of the woodwork for it,' he said. 'The temperature of the market has certainly gone from a seller's market to a buyer's market, and what has bit into the marketplace on a broader spectrum is land tax in Victoria, which has really belted what we call the discretionary spend. 'That is down at the beach – people cannot afford $100,000 in land tax for a holiday house. That has stopped that market in its tracks. 'I would love it if Toorak has dropped 20 per cent, but it's just not happening.' Marcus Chiminello, director at Marshall White in Stonnington, said Toorak, as a suburb, was a sought-after 'brand', and the most prevalent place in Victoria for off-market deals. 'It can only take one or two big sales results to grossly change the median price year-on-year,' said Chiminello, who also sells in South Yarra and Armadale. 'The market has plateaued over the past two years and has really normalised. Loading 'Whether it is $5 million or $50 million, we are seeing consistent transactions. If the market was falling, that would not be occurring.' There are few postcodes in Australia where budget buyers can rub shoulders with bone fide rich listers. Michael Gibson, director of Forbes Global Properties, who lists in the eastern suburbs and bayside, including Brighton, said Melbourne's premier neighbourhoods had this breadth and depth. 'Toorak is a fascinating suburb,' he said, 'You can still buy an apartment for $700,000 but you can also pay $70 million, and I would have thought that is pretty unique for any suburb, outside of a couple in Sydney. 'I think a lot of the data is driven around the lower end – these are sales where you can see the data, but the upper end is entirely different. 'We have had sales in the last six months of $40 million and just under $70 million, done quietly, off market.'
