In 2019, the Gances bought two neighboring Toorak mansions for $30.5 million, creating a large parcel of more than 4,260 square metres that could accommodate a single new main residence.

If the sale closes at the bottom of the guide, the vendors’ investment would double; the final price will be confirmed on settlement.

The sellers were Wei An Zhang (Andy) and Miaomiao Zhang of V-Leader, with Kay & Burton agents Ross Savas, Jamie Mi, and Nick Kenyon handling the sale.

Selling agent Savas emphasized Melbourne’s high-end demand and Toorak’s appeal to both local and international buyers, underscoring Melbourne as a stable, long-term investment.

The Gances are tied to the broader history of the private company that built Chemist Warehouse, which grew from Melbourne beginnings in 1972 to a multi-billion-dollar group via a Sigma Healthcare reverse takeover.

The two parcels were acquired in two tranches—$17 million in 2015 for one home and $22 million in 2021 for the other—suggesting the vendors’ total investment could double even at the lower end of the guide.

Chemist Warehouse co-founders Jack and Evelynne Gance purchased the Toorak estate for more than $80 million across two titles, with a price guide of $80–$88 million.

Melbourne’s ultra-high-end market remains active, with the area record shown by a Toorak sale reportedly between $115 million and $135 million.

The buyers are connected to Melbourne’s Rich List; the property was developed via V-Leader by Weian Zhang and Miaomiao Zhang, with ownership changes in 2015 and 2021 totaling $39 million.

If the Gances move in, they would be neighbors to Jack Gance’s brother Sam, who owns a $43.1 million home on the same street, contributing to the family’s multi-billion-dollar wealth on the AFR Rich List.

The 6,340-square-metre block comprises two houses and is suitable for a new residential project, with at least one home featuring a tennis court; interior photos were not released.