Box Hill site snapped up by developer for $13.5 million: Savills

Box Hill site snapped up by developer for $13.5 million: Savills
Box Hill site snapped up by developer for $13.5 million: Savills

A development site in Melbourne’s Box Hill has been sold to a local development group with Chinese connections for $13.5 million through Savills in an off-market deal.

The transaction follows a recent spate of sales along Prospect Street as the precinct continues its transition from commercial to high-rise residential development, according to Savills.

The property at 31-35 Prospect Street is a rectangular site with an area of 1,653 sqm.

It is used as an open air car park generating income of nearly $45,000 per annum.

The property is situated within the rapidly changing “Major Development Precinct” of Box Hill with development height potential of at least 20 levels.

The deal was brokered by Savills’ Clinton Baxter and Nick Peden.

The selling price reflects a strong rate of $8,166 per sqm.

Baxter said that the site was snapped up by an under bidder following the agency’s recent $12.19 million sale of nearby 15-17 Prospect Street, and $22.25m sale of 843 Whitehorse Road.

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 Box Hill site snapped up by developer for .5 million: Savills

Click to enlarge

Box Hill site snapped up by developer for .5 million: Savills

“We are experiencing unprecedented developer interest in Box Hill as the market seeks to take advantage of the greater height allowances within the Activity Centre and the huge demand for apartment living within walking distance of Box Hill Central Shopping Centre ” Baxter said.

Peden added that the property was held by a local private family for many decades.

 

Tags: 
Melbourne Commercial Property

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