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Rumoured Toorak knock-down now looking for tenants for $5000 a week, $30,000 bond

Rumoured Toorak knock-down now looking for tenants for $5000 a week, $30,000 bond

 

A Toorak mansion purchased late last year by the family of rich lister and Chemist Warehouse co-founder Jack Gance, rumoured to have been earmarked for redevelopment, has been listed to rent for $5000 a week.

 

The six-bedroom residence at 9 Yar Orrong Road, Toorak, was bought for $15 million in December last year, with a caveat slapped on the property in the name of of Evelynne Gance, the wife of Jack Gance, public records showed.

 

The purchase of the sprawling property, built in 1925 and featuring a heated swimming pool and floodlit tennis court, came 12 months after the sale of neighbouring 7 Yar Orrong Road for $15.5 million, also bought by Evelynne Gance.

 

Consent for demolition of that property was issued in November 2019 and its redevelopment is currently under way.

The listing agent for 9 Yar Orrong Road, Paul Tunney, of Kay & Burton South Yarra, said the property had been listed for lease on Wednesday afternoon and had all ready attracted interest from several parties looking to rent the home.

 

The property features a marble entrance foyer, a granite kitchen, a library, office, north-facing gardens, and garaging for four vehicles, plus self-contained accommodation marketed as suitable for a nanny or in-laws.

Mr Tunney would not confirm if there were plans to demolish and redevelop the home in the future but he did confirm that the neighbouring property “had been knocked down and they are in the process of building what appears to be a high-end single residence”.

 

Following the purchase of the two neighbouring homes for a combined $30 million, there was speculation that both homes could be demolished and a single residence built in their place.

 

The blocks combined create a landholding of more than 4260 square metres. There are no heritage restrictions that would block the creation of a new, single residence because both sites are larger than 500 square metres and have no overlays, and no planning permission would be required for a single dwelling.

 

A spokeswoman for the City of Stonnington confirmed on Wednesday there had been no planning or building permits issued for the property at 9 Yar Orrong Road.

 

Mr Tunney said they were seeking a “12 or 24-month lease or possibly longer” for the home at 9 Yar Orrong Road, which would also require a $30,000 bond.

 

When asked what the longer-term plan for the property was, he said he was “not too sure.”

 

However, he was confident he would find a new tenant for the home soon.

“We’re seeing quite a lot of demand for these bigger size homes at the moment for lease and we’ve had some interest in this one already,” he said.

 

“I had a similar property recently that had a pool and tennis court and we leased it before we even got the chance to market it. There’s a big demand there,” he said.

 

Mr Gance is the co-founder and chairman of My Chemist Retail Group, encompassing the Chemist Warehouse and My Chemist stores.

 

He was valued at $1.1 billion on the most recent Financial Review Rich List, up from $989 million in 2019, in part due to the rush for for face masks, hand sanitisers and toilet paper boosting profits at the chemist chains.

 

 

Ref: RACHEL WELLS (on 11 Dec 2020). Rumoured Toorak knock-down now looking for tenants for $5000 a week, $30,000 bond. Retrieved from https://www.domain.com.au/news/rumoured-toorak-knockdown-now-looking-for-tenants-for-5000-a-week-30000-bond-1014689/

 

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