This article is from the Australian Property Journal archive
A FULLY leased healthcare facility, sitting across from the planned $1.6 billion Box Hill Central redevelopment and proposed Suburban Rail Loop, has hit the market for the first time since 1998.
41-43 Carrington Road in Box Hill, around 14km east of the Melbourne CBD, is fully leased to Eastern Health and healthAbility and comprises a four-storey plus basement building with a NLA of 3,961sqm, 124 car parks on a 2,639sqm site.
Matt Stagg, Ben Baines, Jozef Dickinson and Yvonne Zhou from Colliers are managing the sale via an international expressions of interest campaign, with an estimate price range of $40 million.
“41–43 Carrington Road is strategically located opposite Box Hill Central, owned by Vicinity Centres who are planning a $1.6 billion redevelopment. It also neighbours State Government Victoria’s proposed Suburban Rail Loop and new Box Hill Train Station scheduled for completion 2035,” said Stagg, head of investment services, Victoria at Colliers.
“The healthcare facility is fully leased to Eastern Health and healthAbility providing excellent holding income until 2028 when vacant possession of the whole building becomes available, enabling redevelopment of the whole site.”
The investment is also located within the Box Hill Metropolitan Activity Centre (MAC) and is also zoned Commercial 1, offering future development potential up to approximately 24 storeys.
“Situated within Future uses may include health, retail, commercial, residential apartments, build to rent apartments or hotel (Subject to Planning Approval),” said Dickinson, national director of residential development site sales at Colliers.
“Box Hill is Victoria’s second largest Central Business District and has experienced unprecedented growth over the past decade with construction of multiple high rise residential health care and commercial towers to accommodate its rapidly growing population,” said Zhou, associate director of Asia markets at Colliers.
In Box Hill, top employment industries include health care, public administration, education and retail.
With Box Hill also benefitting from its multicultural community with approximately 43.80% of residents born overseas and 25.10% with Chinese ancestry, according to the 2021 census.
“41-43 Carrington Road, Box Hill is strategically positioned to benefit from Box Hill’s future growth trajectory,” said Baines, director of Melbourne metro sales at Colliers.
“It is ideally suited to developers, value add investors and owner-occupiers seeking to capitalise upon surrounding major developments and infrastructure projects throughout this dynamic suburb.”
The international expressions of interest campaign for 41-43 Carrington Road is scheduled to close on 26 September 2024.
