2 & 4 Cole Court, Toorak, are being offered together as one 780sq m property.
TWO Toorak homeowners have teamed up to sell side-by-side properties, with the rare combination calling for more than $7 million.
The neighbouring homes at 2 and 4 Cole Court are being offered as one 780sq m property.
Comprising two separately titled townhouses in a blue-chip cul-de-sac, the property is on the market with a $7.2-$7.6 million price guide.
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No 4. offers two bedrooms, and is up for sale with its neighbour.
Kay & Burton South Yarra agent Robyn Feigen said the owners of No. 2 were planning to sell and when presented the chance, No. 4 came on board, increasing the value of the offering.
“The two blocks are worth more together than they are separately,” she said.
“It’s just sub-800sq m, in one of the best courts in Toorak.”
Ms Feigen said the property could be converted into a new luxury home or a townhouse development.
“A lot of people will be looking at it for a potential home site because of the orientation. It’s a very rectangular block with no restrictions. It makes it pretty valuable for someone,” she said.
The homes could also be rented out separately.
Opportunities with such a land size and position were “almost non-existent”, according to Ms Feigen.
The demand for land in Toorak and surrounds had driven home sellers to join forces a few times in recent years, she added.
“I think it’s because land has become so much rarer, especially in this pocket of Toorak.”
No. 2 has three bedrooms plus a pool.
Co-agent Grant Samuel said the homes were each “very liveable”, but the property’s north-facing position in a “AAA” location off Irving Rd made it “one of the most premium landholdings to hit the market this year”.
“There aren’t many opportunities that will come to market offering this sort of position,” he said.
Land that can be built on has been in hot demand in Toorak.
“I think in some of the transactions we’ve had this year we’ve started to hit new records with land prices going up in excess of $10,000 a square metre,” Mr Samuel said.
“So if we were to hit that it wouldn’t surprise me given the location and its orientation.”
While it was a “different market” than previous years, the exclusive enclave was performing well, according to Mr Samuel.
“We’re certainly still seeing excellent results in Toorak, particularly in the $4 to $5 million-plus market. There is still a good depth of buyers,” he said.
Expressions of interest for the Cole Court property close November 8.