Strong sale achieved in Melbourne's Box Hill

Strong sales have been achieved in Melbourne’s Box Hill following the sale of a block of adjoining offices for $10.85 million.

CBRE sold a 1,220sqm landholding at 25-29 Ellingworth Parade, which comprises three office buildings.

CBRE Victorian Development Sites Manager Chao Zhang, who has been selling development sites in the City of Whitehorse since 2015, said the success of well-known Chinese and local developers in the area is fueling confidence amongst buyers.

“The Asian demographic is a significant catalyst for the continued interest by local and new off-shore Asian developers in the area” said Mr Zhang.

“Box Hill is the centre piece of the City of Whitehorse in Melbourne’s eastern suburbs. It's council has also been working alongside local and international developers that working on landmark developments.”

There 1,161 apartments under construction in Box Hill, and four more projects being built or currently permitted, joining the 30-storey Whitehorse Towers development in the central activity centre.

CBRE Director Scott Orchard said the sale reflected the strongest land rate achieved this year in Box Hill for a development site.

“The Box Hill activity centre represents a range of different development opportunities given the differing height potential in various locations."

"However, the Ellingworth Parade sale of approximately $9,000sqm on land represents the strongest land rate achieved in Box Hill when analysed in context to the height potential,” stated Mr Orchard

Mr Orchard concluded that appetite for commercial office properties in Box Hill is also incredibly healthy.

“The 25-29 Ellingworth Parade sale is the second recent office sale with 18-20 Prospect Street also transacting to a local Chinese buyer.