Developer snaps up major site in dynamic Box Hill for $22.55 million

Developer snaps up major site in dynamic Box Hill for $22.55 million
Developer snaps up major site in dynamic Box Hill for $22.55 million

Savills Melbourne has just sold another major Box Hill property suitable for high-rise residential development.

It sold to a local developer with Chinese connections. 

The property at 843 Whitehorse Road, corner Wellington Road, in central Box Hill is currently used as a BP petrol station.

It will likely be developed for high-rise residential or hotel use.

According to Savills’ Clinton Baxter, who brokered the deal with colleagues Nick Peden and Jesse Radisich, the property sold at a price of $22,550,000 representing a land rate of $11,400 per square metre.

Zoned Commercial 1 and recently added to Box Hill’s “Major Development Precinct” giving it a huge uplift in development potential, the 1972 square metre site benefits from a corner position and uninterrupted views towards the CBD.

Mr Baxter said the property had been the focus of intense interest from numerous local and Asia-based developers seeking to secure the site for development, with the long-term owner ultimately electing to accept a compelling offer made in private negotiations.

Developer snaps up major site in dynamic Box Hill for .55 million

“Box Hill is the most dynamic and rapidly evolving suburb of Melbourne – the transformation occurring currently is absolutely breath-taking.  Within 3-5 years, Box Hill will have a more impressive skyline than some capital cities such as Hobart or Canberra” Mr Baxter said.

Mr Peden said that “with most major sites throughout Box Hill having been sold to developers over the past 2 years, a genuine shortage of suitable sites for high-rise development is starting to occur, pushing up land value throughout the suburb.”

He said the location in close proximity to Box Hill Central Shopping Centre and Railway Station, Box Hill Institute and Box Hill Hospital were attributes which would enhance the prospects of the future redevelopment of the property. 

The vendor was a local private family that had held the property for an extended period.

Tags: 
Savills Box Hill

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