Box Hill landholding sale scores 100 percent value increase

Box Hill landholding sale scores 100 percent value increase
Box Hill landholding sale scores 100 percent value increase

A 1,042 sqm site in Melbourne's Box Hill has sold to an investor with a 100 percent value increase in property worth, with the vendors selling after only two years.

The property, 107 Severn Street, Box Hill was sold at auction for $3.9 million under the hammer. It was purchased in 2014 for $1.95 million and features a double-storey with seven bedrooms, three bathrooms and a caretakers’ residence/ bungalow.

It was sold with a Residential Growth zoning.

Fitzroys agent Michael Ryan, said the site sold for around $800,000 above reserve.

"Box Hill was currently in a phase of evolution that had its market standing apart from other suburbs," he said

“It really is operating on its own timetable - the depth and type of demand for sites with future growth and development potential is different to any other place in Melbourne right now.

“The rarity of this offering’s versatility was reflected in the high levels of enquiry and great result result for the vendors.”

Tags: 
Residential Development Box Hill

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