Golden Age invest again in Box Hill
Jeff Xu’s Golden Age Group has snapped up a prime site opposite Box Hill Central from the mortgagee in possession.
The ex-Beaurepaires on a 1191 sqm Commercial 1 zoned block at 69 Carrington Road set the developer back $12.78 million following a public campaign.
The asset was previously controlled by Andrew Yu’s Longriver, which went into liquidation in February.
It paid $15m in September, 2017 – a property value peak – later obtaining a permit for a retail based project.
Mr Xu by comparison is expected to proceed with a high density residential building, but this couldn’t be confirmed.
The acquisition comes two and a half years since Golden Age outlaid $61m for the ex-St Leo’s College, on five hectares in Box Hill South, for a medium and high density housing complex.
Another Longriver sale
Stonebridge’s Julian White and Chao Zhang marketed 69 Carrington Rd for Payton Capital (story continues below).
Their deal comes six months since Longriver sold a nearby 1212 sqm development site – 25-29 Ellingworth Parade – permit-ready for a strata office complex to Weifung Lu for $8.6m, a sharp drop on the $10.85m it outlaid in 2018.
Also last November, Mr Yu divested seven neighbouring properties forming the south east corner of Lonsdale and Russell streets, for $50m – about the price he paid a year earlier.
That buyer was Andy Zhang’s V-Leader.
Last May, meanwhile, Longriver collected $9.4m from Wilder House, at 41-45 A’Beckett St – an asset it purchased two years earlier for $7.7m with plans for a nine storey retail investment.
The group was also developing a hotel on the site of the ex-Melbourne Theosophical Society headquarters, in Exhibition St.
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