Prime Box Hill Site to Fetch $10m

21 June 2017

Savills Australia in conjunction with Colliers International is marketing a prime, circa $10 million, Box Hill landholding with the potential for a major high-rise development.

The 15-17 Prospect Street property comprises a high quality, two level office building on a 1,305 square metre site zoned Commercial 1 with 31 metres frontage to Prospect Street. It is currently leased to Cummins South Pacific expiring May 2018 at a net annual rental of $1,000,840.

The property is located within the Major Development Built Form Precinct of the Box Hill Metropolitan Activity Centre providing potential for an apartment development.

According to marketing agents, Savills Clinton Baxter and Nick Peden, and Colliers’ Peter Bremner and David Minton, the property is one of the best in Box Hill offering the opportunity to retain the existing building and landbank or to deliver a premium development into one of Melbourne’s best markets.

“The property presents a fantastic opportunity to invest in a site with exceptional potential to deliver a major apartment building in what is one of Melbourne’s strongest apartment markets.

“It also offers a quality office building currently let to a global corporation and so presenting exciting options to prospective purchasers,” Mr Baxter said.

Mr Bremner said there was no doubt that the outstanding level of surrounding retail and lifestyle amenity would ensure that any redevelopment of the site would be highly sought after by end users.

“Box Hill is very well serviced by retail, educational and medical facilities, parks and gardens, public transport and access to Melbourne’ s arterial road network.

“Should the purchaser proceed with a redevelopment of the property, there is sure to be a ready market for the end product, alternatively an owner-occupier would be well satisfied with both the existing premises and the location,” Mr Bremner said.

According to Mr Peden, Box Hill is forecast to require 5,242 new dwellings to accommodate its rapidly growing population by 2036, while commercial property demand remains strong with low vacancy rates in both office and retail sectors.

“The withdrawal of numerous commercial spaces for residential development has underpinned the strong and growing demand for commercial property,” Mr Peden said.

He said the property’s key attributes included:

  • Prime landholding in a major development precinct
  • Commercial 1 zoning
  • Quality existing office building
  • Strong local demand for apartments
  • Fully leased to global company
  • Close to all essential amenities including shopping, public transport and roads

The property will be sold by Expressions of Interest closing Wednesday, July 12 at 2pm and is expected to fetch at least $10 million.

Learn more about Savills CBD and Metropolitan Sales services.

 
 

Key Contacts

Clinton Baxter

Clinton Baxter

State Director - VIC
CBD and Metropolitan Sales

Savills Melbourne

+61 (0) 3 8686 8021

 

Nick Peden

Nick Peden

Director
CBD and Metropolitan Sales

Savills Melbourne

+61 (0) 3 8686 8011