This article is from the Australian Property Journal archive
DEVELOPER Jeff Xu’s company Golden Age has lobbed the food and retail component of the tallest residential tower in metropolitan Melbourne to the market, which could attract offers of around $80 million.
Completed at the start of 2020, Sky One Plaza in Box Hill has 3,396 sqm of retail floorspace over three levels and is 100% occupied, with a fully leased net income of $3.8 million and weighted average lease expiry of 7.8 years. Bank of China and internationally renowned restaurant Hai Di Lao account for 41% of the income.
JLL’s Stuart Taylor, Tom Noonan, MingXuan Li and Josh Rutman, together with Stonebridge’s Kevin Tong, Justin Dowers and Chao Zhang have been appointed to handle the expressions of interest campaign which closes 12th October.
Taylor said Sky One Plaza offers a “highly attractive tenancy mix which has been specifically curated for the local demographic”.
The DKO Architecture-designed Sky One tower is one of many high-density developments completed or underway in the eastern Melbourne satellite city in recent years, and has 438 apartments and won best mixed-use development for Australia in the 2019/2020 Asia Pacific Property Awards.
“Being almost brand new, this is the first time Sky One has been offered for sale, giving investors a rare chance to acquire a primely located, premium retail centre within the booming Box Hill precinct and become part of Melbourne’s second CBD’s thriving future,” Tong said.
There were $775 million worth of retail asset transactions in Melbourne over the first half of 2022, according to MSCI, down 46% year-on-year.
Just one block away from Sky One Plaza, Golden Age Group is starting work on the brand-new $435 million mixed-use development Sky Square, which will further complement and expand on the offerings available at Sky One Plaza.
Elsewhere in the suburb, Vicinity Centres has proposed a $700 million office, apartment and retail precinct as part of a 10-year masterplan for its Box Hill Central shopping centre, while there is more than $700 million of medical development proposed for the area including 200-plus hospital beds and 105,000 sqm of medical space creating an expected 10,000 new jobs, including APH Holding’s Wellington Road precinct.
