Developer pays mortgagee $8.5m for central Box Hill block

The Box Hill site sold for $8.5 million.

Two Box Hill sites formerly owned by international school Canaan, which were listed by Cor Cordis as mortgagee in possession in October, have sold.

At 13 Prospect Street, a 1004 square metre rectangle shaped parcel permitted with the neighbouring block to make way for a 25-level apartment building, is trading for $8.5 million.

The incoming owner, a local private apartment developer, is expected to propose a standalone project – at least of the same height.

Zoned Commercial 1, the result reflects a land rate of $8466 per sqm.

Knight Frank’s Tim Grant, Ed Wright and Tom Ryan listed it with c$8m price hopes (story continues below).

Canaan paid $8.25m in 2018.

Meanwhile in Box Hill South, a five hectare low and medium density residential development site is speculated to be trading for $61m to Golden Age Group.

Once the subject of a residential and aged care proposal topped with seven-level buildings, 15-31 Hay St previously functioned as the Canaan International Student Centre and well before that, St Leo’s College.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco