Developer pays mortgagee $8.5m for central Box Hill block
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.
