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
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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