Two adjoining owners have banded together to create a prime high-rise development site in the heart of Box Hill, seeking to capitalise on strong developer interest within the booming “Metropolitan Activity Centre” in Melbourne’s east.
Located at 13-17 Prospect Street in Box Hill, the amalgamated site has an area of 2,309 square metres and is zoned Commercial 1. It boasts a 55 metre frontage to Prospect Street and offers the ability to undertake a landmark development in close proximity to Box Hill Central Shopping Centre and Train Station.
Set to achieve a price in the mid $20 million range, the site offers a range of flexible development options including a major residential or mixed-use development of around 23-storeys with a net saleable area of 19,623sqm*, according to a scheme prepared by Elenberg Fraser.
The site is adjacent to the successful 25-level ‘Prospect Box Hill’ development, scheduled for completion later this year.
Box Hill is undergoing a major rejuvenation with Vicinity Centres embarking on a 10-year revitalisation program of the Box Hill Central 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 also projected to reach over 21,200 by the end of 2041, representing a 127.93% increase and providing increased demand for housing.
Savills’ Tanya Su has been appointed to handle the sale along with colleagues Benson Zhou and Julian Heatherich, with the expected sale price to be in the mid $20 million.
“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,” Su noted.
“The strip has been dominated by low-rise commercial office buildings which are now making way for mixed-use high-rise towers in accordance with the Activity Centre’s growth. Prospect Street will be completely transformed into a bustling thoroughfare and act as a gateway that extends into the heart of Box Hill Central Shopping Centre.”
The property is currently occupied by a land parcel with a short-term storage use for the adjoining development, as well as a quality two-level office building at 15-17 Prospect Street with potential to lease for holding income.
The property is for sale by Expressions of Interest closing Tuesday 12 April.
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