Coonac in Toorak, where a $38.5m renovation has been lodged with Stonnington Council. Picture: Nearmap
A $38.5m overhaul is planned for Melbourne’s record $100m-plus Toorak mansion Coonac, with a buyers’ agent calling it the ultimate “Toorak tax”.
Plans lodged with Stonnington Council reveal a 10-car underground garage, staff quarters, wine cellar, billiards room, salon and a private wellness sanctuary as part of works proposed for the heritage-listed Clendon Road estate.
The mansion, understood to have eclipsed $100m+ in an off-market deal last year, is now subject to a council application listing $38.5m in proposed works, placing it among the largest residential renovation spends ever flagged in Melbourne.
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Prominent Melbourne buyers agent Nicole Jacobs said the figure reflected what she described as a “Toorak tax” at the very top of the market.
“If you break that down, there was probably a little bit of a Toorak tax built into it,” Ms Jacobs said.
Ms Jacobs used the term to describe the premium attached to building in Toorak, where heritage constraints, specialist consultants and elite-level finishes could push budgets far beyond a standard renovation.
Cohen Handler buyers’ agent Nicole Jacobs said the budget reflected what she described as a “Toorak tax” at the top end of the market. Picture: Fiona Hamilton Photography/ Nine
“At that end of the market you were talking luxury at the highest possible level. Basements, wellness centres, the full suite,” she said.
“There would be more than one kitchen and the craftsmanship would be exceptional.
“The detail and intricacies of what they were going to deliver would be at a level the average punter simply does not spend on a renovation.”
The Stonnington Council application detailed partial demolition and major construction within a heritage overlay.
Plans included a new two-storey extension and a significant basement expansion beneath the 1867-built mansion on its 1.08 hectare landholding.
Industry Insider Property founder Andrew Date said a $38.5m renovation required an “absolute A-team” of consultants.
Industry Insider Property founder and prestige buyers’ agent Andrew Date said a renovation of $38.5m left no margin for error.
“If you were spending $38.5 million on a renovation, you needed an absolute A-team,” Mr Date said.
“World-class architect, tier-one builder and globally recognised interior designer. That is the starting point.
“At that price point you are not refreshing finishes. You are rebuilding the internals.
“Wellness is no longer optional: Spa, sauna, plunge pool, potentially even a recovery lab. Kitchens rebuilt, not upgraded. Mechanical systems replaced and joinery and stone would be bespoke.”
RT Edgar director Sarah Case said a renovation at this level needed to deliver a “six or seven star boutique hotel” result. Picture: Nicki Connolly
RT Edgar director Sarah Case said a budget like $38.5m demanded a “global trophy home” result, more like new-build quality disguised as a renovation.
“For that sort of money you would expect hotel-quality everything, fixtures, finishes, design, custom joinery, the whole bells-and-whistles package,” Ms Case said.
“For $38.5m, you would want it to feel like a six or seven star boutique hotel.”
Ms Case said buyers at that end wanted homes that operated like private resorts, with wellness and entertainment baked into the build.
“You would expect cinema and wellness, a full sanctuary inside your own home,” she said.
“And while the plans included 10 car spaces, at this level you would still expect serious basement capability for cars, major technology, integrated lighting scenes, serious security, hidden everything, motorised everything.”
She said the heritage overlay added complexity and time, with renovations often taking longer than new builds because builders were working around what already existed.
“With heritage facades, you were retaining structure and walls, essentially propping and supporting while you rebuilt behind it,” Ms Case said.
Coonac in 2002, when Paul Little and Jane Hansen purchased the Toorak estate for $14.5m. Picture: Herald Sun Archives 2002
“You were getting behind walls for new wiring, new plumbing. Renovations could be incredibly complex.”
The proposed works followed a sale understood to have eclipsed $100m+, surpassing Melbourne’s previous residential benchmark of $80.88m paid by crypto casino boss Ed Craven for his St Georges Road mansion in 2022.
Jane Hansen and Paul Little purchased Coonac in 2002 before selling the estate in a deal understood to have eclipsed $100m+. Picture: Con Chronis/Stamping Ground
The sellers of Coonac were Essendon Football Club boss Paul Little and University of Melbourne chancellor Jane Hansen, who purchased the estate for $14.5m 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 determine the application.
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