Strata owners in Melbourne’s Box Hill have realised $14.1 million for the sale of their eight units to a local developer.
The 2,061sq m landholding, at 12-16 Shipley Street in Box Hill, had been acquired by a number of families since 1985.
A locally-based Chinese developer snapped up the site at a rate of $6,841 per square metre.
Savills Australia’s Dorothy He, Benson Zhou and Julian Heatherich brokered the deal, adding that it was rare to market the series of assets in one line.
“The vendors 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.
A 20-level project is currently under construction adjacent to the 12-16 Shipley Street site, He said subject to council approval substantial height could be achieved through a development on the site.
“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.”
Savills expects Box Hill to become Melbourne’s second high-rise CBD, with the City of Whitehorse population expected to grow from its current 12,500 residents to about 22,850 people by 2036.
Last month property developer Golden Age Group announced $450 million plans for a new Chinatown development in Box Hill.
Golden Age, led by Jeff Xu, said the project was spurred on by the local Box Hill area, with more than 30 per cent of the suburb’s inhabitants born in China or Hong Kong.
Savills says Box Hill is expected to need more than 5000 new dwellings over the next decade.