This article is from the Australian Property Journal archive
TWO adjoining owners in Melbourne’s eastern satellite city suburb of Box Hill are hoping for a hefty payday after banding together to create a development site with high-rise potential.
Expectations are in the mid-$20 million range for 13-17 Prospect Street, which could be used for a residential or mixed-use development of around 23 storeys with a net saleable area of 19,623 sqm, according to a scheme prepared by architects Elenberg Fraser.
The amalgamated site spans 2,309 sqm with 55 metres of frontage to Prospect Street and has commercial 1 zoning, abutting the train line leading into Box Hill Central shopping centre and train station. It is adjacent to Chinese-backed developer R&F Property Australia’s 25-level Prospect Box Hill development at 9-11 Prospect Street, which will have 187 apartments and is scheduled for completion later this year.
13-17 Prospect Street is currently being used for short-term storage for the Prospect Box Hill development, and an existing two-level office building at the 15-17 Prospect Street portion can be lease out for holding income.
Savills’ Tanya Su has been appointed to handle the sale along with colleagues Benson Zhou and Julian Heatherich.
“Box Hill is a thriving hub in Melbourne’s east that has developed into Melbourne’s second CBD with many highly successful mixed-use developments recently completed.”
“This exclusive development opportunity offers one of the best remaining blank canvas development sites in Central Box Hill,” she said.
The area has seen low-rise commercial office buildings make way for mixed-use high-rise towers.
At Box Hill Central, ASX-listed landlord Vicinity Centres is embarking on a 10-year revitalisation program of the precinct which will see Prospect Street extended into the heart of the shopping centre, and bring more than 6,000 new workers and 3,800 new residents to the area.
The residential population of Box Hill Activity Centre is projected to reach over 21,200 by the end of 2041, representing a 128% increase.
APH Holding is developing the $320 million Wellington Health hospital and medical precinct nearby.
Expressions of interest close 12th April.
