A range of doctors and medical professionals have struck gold in Melbourne’s eastern suburb of Box Hill, as an established local developer snaps up five separate medical suites on a large landholding, directly opposite the Box Hill Hospital for $9.5 million.
Located at 21-23 Arnold Street, the 1,483sq m* site is currently occupied by a fully operational Medical Centre, which is subdivided into five separate medical suites, all separately owned by 16 individuals – including doctors and medical professionals. There are 24 car spaces on site and the five suites total 420sq m*.
The sale was negotiated by Clinton Baxter, Jesse Radisich and Benson Zhou of Savills Australia who confirmed that most owners had purchased their medical suite for a price ranging from $180,000 - $300,000 over the years, many in partnership. So, by combining to sell altogether to a developer – each suite has pocketed $1,900,000.
According to Clinton Baxter, State Director at Savills Australia, the sale in-one-line generated a massive premium for every owner and the purchaser is an established local developer with multiple projects throughout eastern Melbourne.
“The property sold on a land rate of $6,400/sq m, setting a new benchmark for the hospital precinct of Box Hill, and demonstrates that well located sites are still transacting for premium prices despite the challenges of the COVID-19 environment” he said.
The property is located in the Box Hill Activity Centre and Major Development precinct, supporting the development of high-rise projects and making the land very attractive to developers.
Mr Baxter went on to say that Box Hill continues to attract developers wishing to participate in what is fast becoming the location of Melbourne’s biggest ever building boom outside of the CBD.
“Dozens of high-rise projects are in planning or construction, and the skyline of Box Hill is quickly rivalling some of Australia’s smaller capital cities such as Hobart and Adelaide.”
The property is zoned Residential Growth Zone 3 under the City of Whitehorse Planning Scheme. In addition, the site sits within the ‘Major Development Built Form Precinct D’ positioning it for major residential and/or mixed-use redevelopment, with a 14-level height precedent set directly next door.
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