A Box Hill landbank between two planned apartment towers has sold for $8.25 million.
A Box Hill landbank between two planned apartment towers has sold for $8.25 million, demonstrating the ongoing demand for development opportunities in the rapidly expanding suburb in Melbourne’s east.
The sale of the 1,004sq m property at 13 Prospect Street reflects a strong land rate of $8,217 per sqm 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.
“More than 65 interested parties reviewed the opportunity, with the eventual purchaser being a private Chinese developer,” Mr Peden said.
Mr 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.
The transaction marks Savills 12th major development site sale since the end of 2016.
“Our team has experienced an incredible run in the Box Hill commercial property landscape, transacting 12 major development sites for more than $133 million in the past 18 months,” Mr Peden said.