Developer turns profit in central Box Hill
A developer who between 2021 and 2022 bought two standalone single storey retail investments in central Box Hill has flipped them for a profit.
The c1241 square metre Commercial 1 zoned amalgamation, 18-20 Rutland Road (pictured, top), fetched $12.25 million following an off-market campaign.
The incoming owner is another residential builder, but China based.
Stonebridge’s Asia practice sourced the buyer; Chao Zhang, Julian White and Andrew Milligan were the agents.
“The sale…is the strongest land rate on record for any development site sold east of Station Street,” the brokers said.
Another east Station Street deal
The Rutland Rd deal comes nine months since we reported the Suburban Rail Loop Authority outlaid more than $6m for a medical centre on 836 sqm at 528 Station Street, offered for the first time since 1977.
Also abutting a council owned car park, 530 Station St, at the south east corner of Harrow, it is rumoured this site could be another admission point; in designs to date, the main one is planned north of Whitehorse Rd (story continues below).
Also last year, Accor, for its Novotel brand pre-committed to a 23-storey, 132-suite hotel with a conference centre at 702-706 Station St.
In 2021, the Chinese Community Services Centre paid $13m for a three floor, 2394 sqm office at 56-60 Rutland Rd.
On a 2331 sqm Commercial 1 zoned plot – abutting a General Residential zone to its east, protecting views, it was offloaded by another not-for-profit, the Christian Blind Mission.
That deal followed 13 Prospect St, a 1004 sqm block permit ready for a 25 level apartment building, fetched $8.5m.
Meanwhile west of Station St, where the suburb’s train station is, Vicinity is proposing a $2 billion-plus revamp with residential and office skyscrapers, a hotel, public plaza and more retail.
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