Chinese townhouse developer pays $5.95 million for Burwood motel

A Chinese developer has acquired the Box Hill Motel – which is actually in Burwood – for $5.95 million.

The 4041 square metre site at 177 Station Street sold for almost $2 million more than the guide price.

Zoned General Residential, the site could be considered for a townhouse or apartment project.

The 4041 square metre Burwood site at 177 Station Street (outlined) is set to be replaced with townhouses.

At present, it is configured with a low-rise 23-room inn, operated under a tenancy agreement for the past 20 years.

A lease ends next May, with the hotel operators set to retire.

Savills Nick Peden, Jesse Radisich and Benson Zhou, with Nelson Alexander’s Tom Alexiadis, marketed the Burwood block to potential hotel operators and investors.

Major occupiers in the area, including Deakin University, which might consider the parcel for student accommodation, or aged care providers, were also expected to show an interest along, of course, with developers.

The expressions of interest campaign generated 48 site inspections and 26 offers to purchase.

Interest came locally and from China, Singapore, Hong Kong, Malaysia and the United States, the agents said.

The site (outlined) is next to the Bennetswood Bowling Club and Gardiners Reserve. The Melbourne CBD is about 13 kilometres away.

The buyer plans to replace the land with townhouses.

Given the price paid, each square metre of the Burwood parcel has been valued at $1472.

The Burwood property trades as the Box Hill Motel.

Share or Recommend article

Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
error: Content is protected !!