Family offloads row of Box Hill shops held for more than 40 years

A row of shops in Melbourne’s Box Hill, owned by the same family for more than 40 years, sold yesterday.

The properties, covering 917 square metres of land between 941-947 Whitehorse Road, were expected to sell for more than $8 million following a campaign targeting investors and developers. Instead, the site sold for $13.3 million.

CBRE Victorian Development Sites brokers Chao Zhang, David Minty and Scott Orchard launched a campaign for the holding only a few weeks ago.

The agents touted the flexible Commercial 1 zoning of the site “within a proven high-density development market”.

Near the north-east corner of Station Street, the block has more than 20 metres frontage to Whitehorse Road which is arguably the most important commercial row within the eastern suburb.

Over the past five years, Box Hill has recorded a construction boom with several sites now making way for 30-plus storey towers (the suburb’s tallest proposed building, Sky One, is set to rise 36 storeys from 545 Station Street).

At present 941-947 Station Street is configured with a large car park and three single storey retail buildings (eased to Yao’s Chinese Therapy Centre, Shaan Xi Style Restaurant and Hao’s Oriental Grill Bar.

This deal comes five months after a nearby 1220 sqm block at 25-29 Ellingworth Parade, which is also zoned Commercial 1, traded for $11 million to a China-based developer.

In late 2016, a 1475 square metre block at 9-11 Prospect Street, permit-ready for a 25-storey apartment complex, sold to another offshore builder, for more than $16 million.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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