Savills Melbourne has just sold another Box Hill property, this time a corner site with rezoning potential that was snapped up moments after going to market.
Savills Melbourne has just sold another Box Hill property, this time a corner site with rezoning potential that was snapped up moments after going to market.
The property at 500 Station Street (corner Albion Road) is a former service station site of 1,090sq m in central Box Hill, currently occupied by an exhaust repair centre at a rental of $63,000 per annum.
It is currently zoned Industrial, but is likely to be suited to future rezoning for residential use.
According to Savills Julian Heatherich, who brokered the deal with colleagues Benson Zhou and Clinton Baxter, the property sold at a price of $3,500,000 on a record low 1.8% yield for industrial zoned property.
Mr Heatherich said that the property had received over 35 enquires and 2 offers in the first few hours on the market. After some rapid-fire negotiations, sale contracts were signed and the 10% deposit paid at $3,500,000 – an amazing $1,500,000 (75%) above the initial vendor expectations of around $2 million.
“The Vendor was blown away, he and his wife are absolutely staggered by what took place” Mr Heatherich said.
“Box Hill is continuing to experience significant demand from both local and more particularly off shore buyers, who are looking to secure a foothold within one of Melbourne’s most rapidly evolving areas”.
Mr Baxter said that “the property was purchased by a local Chinese development group, who know and understand Box Hill intimately. They were in a hurry, and not prepared to wait a moment longer to purchase this strategic corner landholding.”
“Box Hill is absolutely booming, with land values rising almost by the week.”
He said the location in close proximity to Box Hill Central Shopping Centre and Railway Station, Box Hill Institute and Box Hill Hospital were attributes which would enhance the prospects of the future redevelopment of the property.
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