Eight strata unit vendors band together to sell half-acre Box Hill holding

Eight strata unit vendors band together to sell half-acre Box Hill holding
Eight strata unit vendors band together to sell half-acre Box Hill holding

A group of strata unit owners have joined forces to sell their assets in one line to a Chinese developer for $14.1 million. 

the eight units on the 2,061 square metre landholding at 12-16 Shipley Street in Box Hill have been acquired by a number of families since 1985. 

Savills Australia’s Dorothy He, Benson Zhou and Julian Heatherich brokered the deal.

It was at a rate of $6,841 per square metre.

He said it was rare to be able to market a series of assets in one line. 

“To the vendors, the family memories carry enormous emotional weight, leading them to eventually decide to sell together,” she said. 

“They were able to achieve a greater sale price by selling their units together than they would have if they took them to market individually.”  

He said the purchaser recognised the versatility of the site, which currently provides a flexible income stream as a land-bank prospect and is also one of the final major development opportunities in Box Hill. 

“The buyer, a locally based Chinese developer, realised the upside of a landholding in the Box Hill activity centre,” she said. 

“This is a proven development location, with several successful projects either complete or under construction in the immediate area.

“With an adjacent 20-level project under construction, substantial height can be achieved through development (STCA) and there is enormous potential for views of the Box Hill Gardens and Melbourne CBD.”

Savills has previously tipped Box Hill to become Melbourne’s second high-rise CBD, with the City of Whitehorse population forecast to grow to about 22,850 people by 2036. 

“Box Hill is a thriving hub in Melbourne’s east, currently home to more than 12,500 residents,” Zhou said. 

“The suburb is projected to need more than 5,000 new dwellings in the next decade and beyond, in order to accommodate the rising population, which has been a direct result of significant public and private investment into health, education, retail and commercial initiatives in recent years.”

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Box Hill Strata Unit

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