Fully Leased Healthcare Facility Located Opposite Box Hill Central’s Planned $1.6 billion Redevelopment and Proposed Suburban Rail Loop.

Colliers are exclusively appointed to offer for sale 41 – 43 Carrington Road, Box Hill for the first time since 1998. The prominent healthcare investment is located directly opposite Vicinity owned Box Hill Central and is fully leased to Eastern Health and healthAbility.

The four-storey building (plus basement) comprises a net lettable area of 3,961sqm*, 124 car parks and boasts a land rich site of 2,639 sqm with dual street frontages to Carrington Street (46m*) and Cambridge Street (63m*).

The campaign is being conducted by Matt Stagg, Ben Baines, Jozef Dickinson and Yvonne Zhou. For sale by International Expressions of Interest Closing Thursday 26 September 2024 at 12:00pm (AEST) with an estimated price range of $40 million.

Matt Stagg, Head of Investment Services Victoria said, “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.”

“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.”

Jozef Dickinson, National Director, Residential Development Sites Sales said, “Situated within the Box Hill Metropolitan Activity Centre (MAC) and Commercial 1 Zone (C1Z), the land rich site offers excellent future development potential up to approximately 24 storeys. Future uses may include health, retail, commercial, residential apartments, build to rent apartments or hotel (Subject to Planning Approval).”

Surrounding developments include successfully completed Sky One by Golden Age comprising a 36- storey bronze tower, 440 apartments and multilevel retail and hospitality. In October 2023 Golden Age also pre-sold an entire 425 apartment project at Sky Square, located at 517-521 Station Street, Corner Cambridge Street, to build to rent operator Local, backed by Macquarie, for $360 million.

Yvonne Zhou, Associate Director, Asia Markets said, “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. Top employment industries include Health Care, Public Administration, Education and Retail. Box Hill benefits from a vibrant multicultural community with approximately 43.80% of residents born overseas and 25.10% with Chinese ancestry, according to the 2021 census.”

Ben Baines, Director, Melbourne Metro Sales concluded, “41 – 43 Carrington Road, Box Hill is strategically positioned to benefit from Box Hill’s future growth trajectory. 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.”