Box Hill showroom sells for $3.5 million to developer

A tenanted showroom and warehouse facility in Melbourne’s Box Hill has been sold to a developer for $3.5 million in an off-market transaction. 

The 480-482A Station Street site was held by a private vendor for more than 40 years.

With a land area of 1,020 sqm, the yield works out to be a little less than 3% yield. 

Cushman & Wakefield’s Robert Colaneri and Andrew O’Connell brokered the deal on behalf of the vendor. 

The property comprises a single level showroom and warehouse facility.

It was sold with an existing long-term tenant in place, Abbeys Auctions. 

The site is close to Box Hill Train Station and Box Hill Shopping centre and within close proximity of Box Hill’s ‘Major Development Precinct’, a retail and commercial precinct that has experienced a substantial uplift in development activity, including the Whitehorse Towers and Sky One buildings currently under construction, according to Colliers.

The site is zoned industrial 3.

“Box Hill has emerged as one of Melbourne’s hottest development and investment markets and the price per square metre (approximately $3,500 per sqm), as well as yield secured for the Station Street property is amongst the highest of any Melbourne industrial transaction,”  said Colaneri.

“Investment into Box Hill has risen dramatically with a number of sites along Whitehorse Road and Prospect Street recently transacted.”