Andrews government outbids developers for prime site
EXCLUSIVE
The Suburban Rail Loop Authority has snapped up a prominent eastern suburb medical centre offered for the first time since 1977.
The government is speculated to be paying well over $6 million for the 836 square metre Commercial 1 zoned block at 528 Station Street, Box Hill, opposite Golden Age Group’s Sky Square and near Vicinity’s Box Hill Central, which is earmarked for a $2 billion makeover.
Also abutting a council owned park at 530 Station St, on the south east corner of Harrow, the SRL property could accommodate a third admission point; the project’s planned two entrances would otherwise be north of Box Hill train station.
Alternatively, the asset may be used for something more immediately practical like a site office, car park or information centre.
An SRL spokesman declined to comment.
Box Hill, which following a high density apartment building boom in recent years has been marketed as ‘Melbourne’s second city’, replacing Dandenong, is 14 kilometres east of the CBD.
Another Box Hill deal
Cushman & Wakefield’s Leon Ma, Oliver Hay, Karim Ford and Jeff Ha closed a developer-focused expressions of interest campaign for 528 Station St on June 22, the day a deal was struck with the SRL (story continues below).
The vendors and former occupiers paid $117,000.
The deal comes a week since Golden Age listed a childcare centre for lease, part of a three level hospitality, retail and office focused podium, SKY SQR.
That asset will sit beneath two 17 storey buildings – a project called Sky Square – earmarked for a former council car park at 517-521 Station St.
Led by Jeff Xu, that developer also recently purchased a 1191 sqm Commercial 1 zoned development site at 69 Carrington St, offloaded by receivers representing Longriver.
Coincidentally, this week, another ex-Longriver property in the suburb, 874 Whitehorse Rd, permit-ready for a 28 storey, 230-suite hotel, sold to a developer for $8.6m.
In May, meanwhile, Accor, for its Novotel arm, committed to a 23 level, 102-suite guesthouse under construction at 702-706 Station St.
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