A Chinese developer is paying $14.1 million to the owners of eight brown-brick villa units occupying a central Box Hill site.
The deal values each of the dwellings within the complex, 12-16 Shipley Street, at $1.76 million.
Within the Box Hill Activity Centre, the 2061 square metre holding is adjacent to a site making way for a 20-level apartment building, but it is only anticipated to accommodate around a 12-14 storey structure, sources say.
Box Hill Gardens and the Box Hill medical precinct – where MS Limited paid $9.5 million for a low-rise office last year – are in the immediate vicinity.
The deal for 12-16 Shipley Street values each square metre of the unpermitted land at $6841.
The agents described the address as a “proven development location with numerous successful projects either complete or under construction”.
Amongst them is the Deague Group’s recently completed Whitehorse Towers at 850 Whitehorse Road which contains a 36-level building, the suburb’s tallest.
Golden Age Group is constructing another 36-storey apartment complex, Sky One, at 545 Station Street.
Orion International Group last year won approval to build a 29-level mixed-use tower on a 2630 sqm car park at 16-18 Spring Street.
R&F Property Australia is also proposing a 25-storey residential building on a site at 9-11 Prospect Street. It paid $17.6 million for this permit-ready 1475 sqm block in late 2016 – following another Savills campaign.
Last year another residential builder paid $8.25 million for a 1004 sqm parcel next door, at 13 Prospect Street. Savills brokered this deal, too.
Three weeks ago, we reported that a residential builder paid $22 million for an office at 19-23 Prospect Street.
Last October, the St Paul’s Lutheran Church at 711 Station Street was bought by a Chinese apartment developer making their first foray in the Australian market. This 2597 sqm holding traded for $29.5 million.
Also late last year, the Loyal Orange Institution of Victoria banked a speculated $15 million selling a 1.2 hectare block at 325 Station Street, Box Hill South, to a residential builder.
This property would not be permitted to make way for a high-density, high-rise redevelopment.
The sale of 12-16 Shipley Street comes a week after we reported that 20 owners of 21 apartments within a complex at 14 Alma Street, St Kilda, sold the 1070 sqm block their complex sits on, for more than $11 million, to a local builder.
That deal valued each of the dwellings at about $530,000 – twice what they would be worth had they not banded together to sell as a whole.