Jeff Xu’s Golden Age Group has decided to strike a deal with Melbourne-based Local Residential to help complete Box Hill’s first build-to-rent project sooner.
The Melbourne suburb east of the city in the City of Whitehorse municipality is Golden Age’s territory with no fewer than five major projects under way for the developer.
But the two towers atop a giant three-storey retail and food and beverage podium named Sky SQR at 517-521 Station Street will now be delivered by Local Residential instead.
The Fender Katsalidis Architects-designed plans envisage two towers with 425 build-to-rent apartments and 1170sq m of publicly accessible green spaces.
Amenities for the project include an 80-seat co-working space, three private dining rooms, a 20m indoor pool, exercise and wellness spaces, gaming and entertainment rooms, pet-washing facilities and electric car sharing facilities.
Local Residential will develop the two towers while Golden Age Group will continue to focus on the retail podium, with an end value of $360 million.
The retail podium has been designed by Hong Kong-based Oval Partnership and will cover 12,000sq m of retail and food and beverage space.
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There will also be a childcare centre with space for 107 children.
“The growth in the market of Box Hill has been extraordinary and we believe the location will endure through market cycles,” Local co-chief executive Matt Berg said.
There will be 37 apartments set aside for social, affordable and specialist disability accommodation.
Local is aiming for 1500 social and affordable homes as part of its more than $5 billion pipeline over the next decade.
After two years of operation it has more than $1.1 billion in assets and more than 1300 apartments across three projects.
Construction is scheduled to begin in the first quarter of 2024 with Sky SQR scheduled to open in the third quarter of 2025.
Residents are due to start moving in during late 2025.
Holder East has recently filed office tower plans in Box Hill where development activity and interest has increased significantly.
Meanwhile a Hong Kong firm has also filed plans for a mixed-use site on Whitehorse Road.
