Chinese developer secures Box Hill development site for $8.25 million

A Box Hill landbank between two planned apartment towers has sold for $8.25million, demonstrating the ongoing demand for development opportunities.

The sale of the 1,004sqm property at 13 Prospect Street reflects a strong land rate of $8,217 per sqm.

Savills Australia’s Nick Peden, Clinton Baxter and Jesse Radisich brokered the deal on behalf of a local private vendor, who first purchased the property several decades ago.

More than 65 interested parties reviewed the opportunity, with the eventual purchaser being a private Chinese developer, Peden said.

Box Hill was arguably “Melbourne’s most active and robust development location”, with unmatched interest from Chinese developers and the suburb’s Chinese community, the Savills team suggested.

Box Hill is anticipated to become Melbourne’s second high-rise CBD, they said.

The transaction marks Savills 12th major development site sale since the end of 2016 for more than $133million in the past 18 months, Peden said.