This article is from the Australian Property Journal archive
A SITE adjoining the Box Hill Central shopping centre with permit approval for a 28-level, 230-room hotel has sold for $8.6 million.
The 662 sqm site, at 874 Whitehorse Road, is located at the corner of Whitehorse Road and Clisby Court and has commercial 1 zoning.
The sale was handled by Stonebridge Property Group’s Julian White and Chao Zhang.
White said, “This site garnered very strong interest from the market throughout the campaign from a diverse mix of buyers, from local and international developers, as well as owner occupiers who are looking to relocate their positions prior to being compulsory acquired for the Suburban Rail Loop project”.
Stonebridge has now sold three development sites in the Box Hill Activity Centre in 2023, transacting 69 Carrington Road and 13 Prospect Street earlier this year.
The agents said the sales highlight the appetite for Asian-backed capital to acquire sites in Melbourne, and Box Hill in particular, due to each of these purchasers being of Asian heritage.
“We have been witnessing firsthand the amount of Asian backed capital looking to be invested into commercial property, with over 50% of our deals being transacted to parties of Asian descent so far in 2023,” Zhang said.
Stonebridge expects the trend of Asian capital investment into Australia to continue, at least in the short- to medium-term, as investors across the world are placing a stronger emphasis on capital preservation over to higher risk returns.
