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Privately owned asset management and investment company APH Holding is furthering its presence in Melbourne’s eastern suburbs with two projects worth a combined $300 million preparing to break ground.
The company, which is delivering upwards of $3 billion worth of healthcare, hospitality, commercial and retail projects in its “satellite city” in Box Hill, has now been granted approval to construct an A-grade commercial building and 5-star hotel on Whitehorse Road.
Both sites, at 925-927 and 941-951 Whitehorse Road, were identified and pursued following fruitful conversations with a number of education, government and medical groups within the asset manager’s tenant pool.
APH Holding chief executive Johnson Zhang told The Urban Developer that prospective tenants—broadly from health, research and biotech disciplines—have been actively vying for commercial space within its multi-billion-dollar urban renewal of Box Hill.
“The fact that currently we have zero vacancy across our existing commercial properties is giving us the confidence to get started on these projects as soon as possible,” Zhang said.
“Upon completion, we will be welcoming a number of businesses, as well as a renowned, international hotel operator, who want to be a part of the Box Hill ‘next CBD’ story and our broader vision.”
At 925 Whitehorse Road, APH Holding will build a 19-storey, 5-star hotel comprising 200 guest rooms.
The hotel will be targeted at business travellers and feature a ballroom, conference centre, meeting spaces and high-end retail across its ground floor and podium levels.
The hotel will also offer business-class rooms and presidential suites.
Also on Whitehorse Road, the developer has the green light to build a 15-storey mixed-use premium office development.
APH Holding will become the anchor tenant in its Elenberg Fraser-designed commercial building with initial plans to take five levels.
Zhang said the company had been reimagining Whitehorse City Council’s vision for Box Hill for more than a decade by planning and delivering a raft of “legacy projects” that would support the suburb’s growth.
“We are not in the business of transactional developments,” Zhang said.
“We have a long-term commitment to Box Hill and believe in the investment and delivery of long-term assets that respond to community needs and provide services that alleviate population-growth pressures.”
The projects will form part of the asset manager’s “golden corridor”, a commercial and medical precinct, or “mini-city”, running from its $320-million Wellington Health hub on Wellington Road to its proposed $1-billion-plus APH City Park development on Burwood Highway.
“We identifed Box Hill early as a future growth centre,” Zhang said, “through careful consideration of market trends, demographics and by really understanding the glaring gaps in the market and opportunities that could be filled.
“For more than 10 years we have been actively reversing a shortfall of amenity and high-grade projects that have been needed in Melbourne’s eastern suburbs.
“Projects like APH City Park are incredibly important and will allow Whitehorse not only to retain but also attract new talent to the area.
“That we are moving ahead so quickly ... with these projects is a statement that Box Hill is quickly become a commercial destination.”
Last year, APH Holding secured approval for the $300-million fourth stage of APH City Park, a mixed-use business park being delivered over the next 10 years and comprising twin six-level A-grade office towers.
The next stage planned for the 5.68ha site, on the corner of Burwood Highway and Springvale Road, includes a large retail component with food, entertainment offerings and a premium supermarket.
APH Holding is expecting the decision for the business park’s retail component to be made in the next two months.
Its 20-storey medical and education development, Wellington Health One, is also well advanced.
The project, upon completion in mid-2024, will act as an extension for Box Hill Hospital providing more than 30,000sq m of state-of-the-art medical facilities.
Elsewhere, the company is also beefing up its hotel portfolio after recently announcing a partnership with Accor to deliver a significant hotel project in central Melbourne.
The $50-million Novotel Hawthorn will house 87 premium suites and is due to open in early 2023.
