52-54 Hopetoun Road, Toorak, has hit the market for the first time since 1978, and it’s raising one of the most interesting questions in prestige property right now: do you preserve it, or do you start again?
The numbers: 1,874 sqm, asking $20,000,000–$22,000,000, no heritage overlay.
A Piece of Toorak History
Sitting on approximately 1,874 sqm in one of Toorak’s widest streets, this home was designed in 1933 by Robert Bell Hamilton for E.B. Myer, co-founder of the Myer retail dynasty. It’s the kind of provenance you can’t manufacture, and it’s exactly what makes this appealing.
The double-height entrance hall and period features are what might convince the next owner to keep it.
But here’s the catch: the home carries no heritage overlay. That single fact means the next owner has a genuine choice. Restore a piece of Toorak’s architectural history, or clear the site and build new.
The Knock-Down Option
Demolishing and starting fresh is, in many ways, the easier path for a buyer at this level. No compromises around period floor plans, no working around heritage-era proportions just a clean canvas.
The trade-off is cost. Engaging an Architect and a local high-end builder for a luxury new build on a site of this calibre will run another $20,000,000–$30,000,000 on top of the purchase price.
Where the Real Value Sits
Strip away the house, and the story is really about land. At 1,874 sqm, this site is priced at roughly $10,000–$12,000 per sqm on one of the most tightly held streets in Toorak.
Recent Hopetoun Road sales put that in context:
- 2 Hopetoun Road, Toorak sold $21,000,000, May 2024
- 25 Hopetoun Road, Toorak sold $18,680,000, November 2023
- 44-46 Hopetoun Road, Toorak sold $23,390,000, August 2022
- 60 Hopetoun Road, Toorak sold $30,000,000, October 2021
This particular home last changed hands in 1978 for $355,000, giving it a nominal annualised growth rate of circa 8.98% per annum. That’s a nominal figure only; it doesn’t account for inflation, and $355,000 in 1978 carried far more purchasing power than it does today, so the real, inflation-adjusted return would tell a different story.
Next door at 58 Hopetoun Road, Toorak, a c.6,000 sqm holding is listed at $55,000,000–$59,000,000, a useful marker for just how much upside land banking on this street can command.
Knock Down or Keep It?
52-54 Hopetoun Road is being handled by Grant Samuel, quoting $20,000,000–$22,000,000. Whether the next owner restores the Hamilton-designed original or clears the site for something new, this is a rare chance to secure a foothold on one of Toorak’s most significant streets.
Want to see it for yourself? Watch a quick video of the home here.
I’m Andrew Date, the founder and Senior Advisor at Industry Insider Property, Toorak. Industry Insider Property acts exclusively for buyers, advisors and sellers in Melbourne’s prestige and luxury residential market.
