PHOTO: 763 Malvern Road, Toorak. Photo: RT Edgar

A $5 million-plus Toorak house is set to be knocked down for prestige apartments by a company linked to the original developer of Melbourne’s Eureka Tower.

The Edwardian residence, sold by a downsizer, was said to be in good condition but ready for a renovation.

Set on about 1100 square metres, the property at 763 Malvern Road is between the sought-after boulevards of Clendon and Irving roads, and close to trams and trains.

A private company directed by Tab Fried, David Fried, Andrew Gyopar and Peter Gyopar has slapped a caveat on the property, public records show.