Property developer Alex Bragilevsky has secured a permit for a boutique apartment development in Melbourne’s most exclusive suburb, Toorak, despite initial objections from a bevy of Rich Listers who own prestigious mansions nearby.

Mr Bragilevsky’s PB&Co, the development arm of fund manager Dark Horse Capital, paid $8.05 million for a five-bedroom 1930s home at 79 Clendon Road and sought a permit last year to knock it down and build five luxury apartments on the 930 square metre site.