Box Hill site to fetch over $20 million

Box Hill site to fetch over $20 million
Box Hill site to fetch over $20 million

A corner development site of nearly half an acre in Box Hill’s Major Development Precinct will fetch more than $20 million, according to marketing agents Savills.

The 843 Whitehorse Road property comprises a 1972 sqm land area, positioned adjacent to Box Hill Institute and close to Box Hill Hospital. 

It is soon to be rezoned to Commercial Zone 1, and will be sold subject to that rezoning process, according to Savills marketing agents Clinton Baxter, Nick Peden, and Jesse Radisich.

"This zoning within the Major Development Precinct provides the potential for a landmark redevelopment - based on the development height precedent of 36 levels in the immediate vicinity - with CBD views," Clinton said.

"Like the majority of other development sites in Box Hill it will also benefit from the best level of suburban amenity, including shopping, transport, education and lifestyle features, available  anywhere in Melbourne, and within comfortable commuting distance of the CBD."

“This is one of the very best sites, in one of the best locations for residential development anywhere in Australia.”

Savills sold the neighbouring 820 Whitehorse Road late last year for $18.18 million, which set a new metropolitan development site record.

They also sold 826-830 Whitehorse Road for $30.8 million last month, on behalf of both Scope and Navy Health.

Box Hill has risen to national prominence as one of Australia’s leading apartment development destinations.

The property is for sale via expressions of interest closing August 31.

 

Tags: 
Development Site Box Hill

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