Toorak land now asking $40m with no permit

It’s just dirt on Melbourne’s richest street, and buyers are still lining up to pay $40m.

One of Melbourne’s priciest vacant landholdings, 16 St Georges Rd, Toorak, is being offered off-market with expectations it could fetch more than $40m.

It’s the most expensive patch of dirt in Melbourne, and there’s not a house, plan or permit in sight.

A vacant block on Toorak’s most exclusive street is being quietly offered to a select pool of buyers, with expectations it could fetch more than $40m, despite having nothing built on it.

The cleared site at 16 St Georges Rd was once home to the grand Edwardian villa Idylwilde, controversially demolished in 2015 after a failed bid by Stonnington Council to save it.

Now, a decade on, the block is back in play via an off-market campaign that could set a new benchmark for undeveloped land in Victoria’s priciest postcode.

RELATED: Savvy investors eyeing Balwyn North arcade

Why Aussies refuse to downsize for city

Overseas buyers eye St Kilda pad near Luna Park

It’s not the first time the land has been offered.

The site was publicly listed in June 2020, also through RT Edgar, with a multimillion-dollar price tag, but after 243 days on the market and no sale, it was quietly withdrawn.

RT Edgar auctioneer Jack Edgar, who is handling the off-market listing, said buyer appetite for prestige sites had reached new heights.

“The demand for A-grade land in Toorak is as strong as I’ve ever seen it,” Mr Edgar said.

“Buyers are increasingly confident in building luxury homes, and they’re looking for elite positions like this.”

Aerial view of 16 St Georges Rd, Toorak the cleared 4257sq m block once home to Edwardian mansion Idylwilde, now tipped to sell for over $40m. Source: Apple Maps

RT Edgar auctioneer Jack Edgar said demand for prestige land in Toorak has never been stronger, with buyers chasing exclusive development opportunities.

While the $40m+ figure won’t top Toorak’s all-time record, believed to be the $80m off-market deal for 17 St Georges Rd in 2022, it would rank among the suburb’s most valuable bare blocks, with no planning permits or house to speak of.

Prominent Melbourne buyers’ advocate Cate Bakos said price at this level was driven by scarcity, not square-metre rates.

“To most people, $40m sounds astronomical — and it is — but buyers operating in this space aren’t shocked by the figure,” Ms Bakos said.

“They’re focused on the opportunity to create something iconic.”

Ms Bakos said prestige buyers often prioritised vision and legacy over resale.

“They’re not worried about holding costs or land tax,” she said.

“These are long-term plays.”

Concept plans for a luxury home once proposed for 16 St Georges Rd were never realised, the site is now being offered as a vacant block with no permit.

Prominent Melbourne buyers advocate Cate Bakos said ultra-wealthy buyers view Toorak land like 16 St Georges Rd as legacy investments, not short-term plays.

Nearby 12 St Georges Rd is also on the market, with a price guide of $36m-$39m, adding to rising buyer interest in Toorak’s trophy homes.

The site’s past still lingers in local memory.

It was bought in 2013 by Chinese businessman Wang Hua and then-wife Xiao “Kylie” Yan Bao for $18.5m, before their demolition of Idylwilde sparked public backlash.

Stonnington Council tried to block it, but the state ultimately ruled the home lacked enough architectural significance.

The land has sat empty ever since.

Now, with no house and no permit, the $40m block could finally get its next chapter, and become one of Toorak’s most valuable blank canvases yet.

Idylwilde, the Edwardian-era mansion that once stood on 16 St Georges Rd, was controversially demolished in 2015 after a failed heritage push.

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: Block star reveals mistake that devalue homes

Melb buyer’s bold plan after forking $2m on home

RCA: Buyers circling Melb’s forgotten cinema

[e-mail]

Originally published as Toorak land now asking $40m with no permit