$6m shock: building that hosts A-list hairdresser Joey Scandizzo sold
The building that houses Joey Scandizzo’s salon to the stars at 168-170 Toorak Rd, South Yarra, has been sold.
The long-time home of celebrity hair stylist Joey Scandizzo’s salon has sold for $6.151m in a shock auction result that shot about $1m past expectations.
The four-time Australian Hairdresser of the Year’s client list extends from Priscilla Presley to Usain Bolt, Solange Knowles, Paris Hilton, Oscar Piastri, Elle Macpherson, Charlie Sheen, Ruby Rose and Lindsay Lohan.
He was also on site at Flemington’s famous Birdcage during the Spring Racing Carnival and regularly prepares A-listers for events ranging from the Logies to the Brownlow Medal night, plus has taken his skills international to the Cannes Film Festival.
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When his salon at 168-170 Toorak Rd, South Yarra, went under the hammer on Friday afternoon it attracted a crowd close to 100 and a similar number of offers from six bidders before it eventually sold to a local property investor who is understood to be planning on holding the site without further development.
Mr Scandizzo attended the auction and had a representative ready to bid, but pulled back on the plan amid heavy interest from other parties.
Joey Scandizzo styling hair in the Birdcage’s Pamper Lounge at this year’s Melbourne Cup. Picture: Jake Nowakowski.
The salon got a seven-figure renovation by Scandizzo five years ago. Picture: Kennon Studios.
“I was going to bid, but not at that level,” he said.
“I was in shock, and I think a lot of people were.”
He said that with a five-year lease already in place, and another five year option, he was hoping to still have the business he opened at the address in 2005 operating from the heritage protected former bank in another 20 years’ time.
“It’s a beautiful building, and we just renovated five years ago and will do another in five years time as we keep building the brand.”
The property had been expected to make in the vicinity of $5m when it hit the market via commercial real estate firm JLL in October.
The salon and its owner are favoured by some of Melbourne, Australia and the world’s best known faces. Picture: Kennon Studios.
Melbourne celebrity hairdresser Joey Scandizzo with songstress Natalie Imbruglia. Picture: Supplied/Instagram.
Victorian capital markets director Jesse Radisich confirmed it had gone close to $1m above expectations and the 2.8 per cent return this would leave the buyer was one of the lowest figures seen this year, behind a 2.78 per cent yield for a Hampton Park McDonalds sold in September.
His colleague Josh Rutman said the sale showed better quality real estate could always perform well, and might be an early sign of things to come for Melbourne’s commercial property market.
The sale followed a seven-figure renovation of the property by Mr Scandizzo in 2020 at the hands of Studio Kennon’s Peter Kennon.
Mr Scandizzo with Australian tennis great Ash Barty. Picture: Supplied/Instagram.
F1 star Oscar Piastri is also among the A-listers to visit the salon. Picture: Supplied/Instagram.
The building is fully leased to Scandizzo at about $208,000 a year, with a sublease in place for the upper levels.
Prices at the salon can be as high as $300 for a haircut and $360 for colouring.
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