Box Hill, in Melbourne’s East, is continuing to see a run of development acquisitions with the $8.25 million sale of a site at 13 Prospect Street to a Chinese developer.
The sale of the 1,004 square metre property reflects a land rate of $8,217 per square metre based on its potential future upside.
Savills Australia’s Nick Peden, Clinton Baxter and Jesse Radisich brokered the deal on behalf of a local private vendor, who first purchased the property several decades ago.
The vendor had occupied the property as a low-rise family home, but it now had been offered for sale with the potential for an apartment building of over 25 levels. More than 65 interested parties had reviewed the acquisition opportunity.
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China-backed developers have recently bought two neighbouring Prospect Street properties, including 9-11 Prospect Street, for $17.6 million, in December 2016, and 15-17 Prospect Street, for $12.2 million, in mid-2017.
Nearby, 31-35 Prospect Street was sold last September to a local developer with Chinese connections for $13.5 million.
Clinton Baxter said Box Hill was arguably “Melbourne’s most active and robust development location”, with unmatched interest from Chinese developers and the suburb’s Chinese community.
“Any redevelopment of the site will further add to the unprecedented skyline being created within Box Hill, which is anticipated to become Melbourne’s second high-rise CBD,” he said.
Savills’ Nick Peden said that they had seen an incredible run in Box Hill transacting 12 major development sites for more than $133 million in the past 18 months.