A Box Hill property suitable for high-rise residential development was sold for $22.5 million to a local developer with Chinese connections.
The property at 843 Whitehorse Road in central Box Hill is currently occupied by a BP petrol station and will likely be developed for high-rise residential or hotel use.
The sale reflects a flurry of activity in Box Hill from investors and developers following the recent sale of a prominent office building at Prospect Street and a Whitehorse Road development site with permits for three towers.
The 1,972 square metre site benefits from a corner position and uninterrupted views towards the CBD, and was commercially zoned and recently added to Box Hill’s “major development precinct", giving it an uplift in development potential.
According to Savills’ Clinton Baxter who brokered the deal the property sold for $22,550,000, representing a land rate of $11,400 per square metre.
Baxter said the property had been the focus of intense interest from numerous local and Asia-based developers seeking to secure the site for development, with the long-term owner ultimately electing to accept a compelling offer made in private negotiations.
“Box Hill is the most dynamic and rapidly evolving suburb of Melbourne – the transformation occurring currently is absolutely breath-taking," Baxter said.
"Within 3-5 years, Box Hill will have a more impressive skyline than some capital cities such as Hobart or Canberra."Peden said that with most major sites in Box Hill having been sold to developers over the past two years, a genuine shortage of suitable sites for high-rise development has started to occur, pushing up land value in the suburb.
The vendor was a local private family that had held the property for an extended period.