Box Hill development site fetches almost $50 million
A Spotlight Group-owned development site at Box Hill has been sold to the CBD Development Group for almost $50 million.
The 4,268sqm property at 851 Whitehorse Road (above and below), on the corner of Wellington Road, has a permit in place for three residential towers, up to 37 levels high with 517 apartments and a 150-room hotel.
Colliers International’s Development site sales team managed the international expressions-of-interest campaign, which attracted multiple offers from local and offshore parties.
Highlighting the continued development capital flowing into the suburbs of Melbourne, the deal reaffirms the underlying confidence in the suburban apartment market from the Asian origin developer community in Melbourne, agent Bryson Cameron said.
“The campaign was highly competitive and the vendor received multiple offers from mainland China, Hong Kong, Sydney and Melbourne developers, ultimately selling to the locally based CBD Development Group.”
Mr Cameron said several of Melbourne’s eastern suburbs, such as Box Hill and Glen Waverley, were considered “international destinations of choice” among some of the world’s most prominent developers.
“This is due to the strong fundamentals of our apartment market, including healthy migration, easy access to education, retail and transport, and a local demographic that understands apartment living,” he said.
The sale price represents almost $100,000 per apartment for high-density land outside the CBD.
The deal follows the successful sale Colliers International negotiated for the “air rights” land above The Glen Shopping Centre, which sold for close to $60million.
The proposed development also has a three-tower design for 539 apartments above the future extended shopping centre.
“The Glen was a different style of campaign, where we ran an off-market invite-only process due to the complexities of selling future unbuilt air rights land,” Mr Hobart said.
“The sale price reflects more than $105,000 per apartment and was purchased by the Golden Age Group, which will deliver a luxury apartment offering on top of the shopping centre.”