Coonac in Toorak, where a $38.5 million renovation has been submitted to Stonington Council. Image: Nearmap
A $38.5 million overhaul is planned for Melbourne’s record $100 million Toorak Mansion Coonac, with one buyer’s agent calling it the ultimate “Toorak tax”.
Plans submitted to Stonnington Council reveal an underground garage for 10 cars, staff quarters, a wine cellar, billiards room, salon and private wellness center as part of the proposed works for the Grade II listed Clendon Road estate.
The mansion, which is believed to have fetched more than $100 million in an off-market deal last year, is now subject to a council application listing $38.5 million in proposed works, making it one of the largest home renovation expenditures ever seen in Melbourne.
RELATED: Resort-style dream home has its own ‘summer house’
Melb sellers flee auctions as price nerves peak
Banks reject bidders at $1.17 million Forest Hill auction
Prominent Melbourne buyer’s agent Nicole Jacobs said the figure reflected what she described as a ‘Toorak tax’ at the top of the market.
“If you break that down, there was probably a bit of a Toorak tax in there,” Ms Jacobs said.
Ms Jacobs used the term to describe the premium associated with building in Toorak, where heritage restrictions, specialist consultants and top-level finishes could push budgets well beyond a standard renovation.
Cohen Handler purchasing agent Nicole Jacobs said the budget reflected what she described as a “Toorak tax” at the top end of the market. Photo: Fiona Hamilton Photography/Nine
“On that side of the market, you were talking about luxury at the highest possible level. Basements, spas, the full suite,” she said.
“There would be more than one kitchen and the craftsmanship would be exceptional.
“The detail and complexity of what they would deliver would be at a level that the average punter simply wouldn’t spend on a renovation.”
Stonington Council’s application details partial demolition and large-scale construction within a heritage overlay.
The plans include a new two-storey extension and a significant basement extension beneath the 1867-built mansion on the 1.08-acre landholding.
Industry Insider Property founder Andrew Date said a $38.5 million renovation required an “absolute A team” of consultants.
Industry Insider Property founder and prestige buyer Andrew Date said a $38.5 million renovation left no room for error.
“When you spend $38.5 million on a renovation, you need an absolute A-team,” Date said.
“World-class architect, top builder and globally recognized interior designer. That is the starting point.
“For that price, you’re not getting a refreshing finish, you’re rebuilding the inside.
“Wellness is no longer optional: spa, sauna, plunge pool, possibly even a recovery lab. Kitchens rebuilt, not upgraded. Mechanical systems replaced and joinery and stone would be custom made.”
RT Edgar director Sarah Case said a renovation at this level was necessary to deliver a “six or seven star boutique hotel” result. Photo: Nicki Connolly
RT Edgar director Sarah Case said a budget of around $38.5 million required a “global trophy house” outcome, more like new build quality disguised as renovation.
“For that kind of money you would expect hotel quality everything, fixtures, finishes, design, bespoke joinery, the whole bells and whistles package,” Ms Case said.
“For $38.5 million, you would want it to feel like a six- or seven-star boutique hotel.”
Ms. Case said buyers of that target wanted homes that functioned as private resorts, with wellness and entertainment baked into the construction.
“You would expect cinema and wellness, a complete sanctuary in your own home,” she said.
“And while the plans include ten car spaces, at this level you would still expect serious basement capabilities for cars, major technology, integrated lighting scenes, serious security, everything hidden, everything motorized.”
She said the heritage overlay increased complexity and time, with renovations often taking longer than new construction as builders worked around what already existed.
“With historic facades you kept the structure and the walls, while you rebuilt behind them,” Ms Case said.
Coonac in 2002, when Paul Little and Jane Hansen purchased the Toorak estate for $14.5 million. Photo: Herald Sun Archive 2002
“You crawled behind walls for new wiring and new plumbing. Renovations could be incredibly complex.”
The proposed works followed a sale believed to have exceeded $100 million, surpassing Melbourne’s previous residential benchmark of $80.88 million paid by crypto casino boss Ed Craven for his 2022 St Georges Road mansion.
Jane Hansen and Paul Little bought Coonac in 2002 before selling the estate in a deal believed to have raised more than $100 million. Photo: Con Chronis/Stamping Ground
Coonac’s sellers were Essendon Football Club boss Paul Little and University of Melbourne Chancellor Jane Hansen, who bought the estate for $14.5 million in 2002.
Industry sources previously linked the off-market campaign to Kay and Burton prestige agents Ross Savas and Gerald Delany.
Stonnington Council is yet to assess the application.
Sign up for the Herald Sun weekly property update. Click here to receive the latest news from the Victorian property market straight to your inbox.
MORE: Aus Uber Eats Addiction’s Hidden Housing Costs
Revealed: Celeb Block Wishlist
Balwyn North ‘pile of dirt’ sells for $3 million
david.bonaddio@news.com.au
#million #renovation #planned #million #Toorak #mansion #realestate.com.au