Longriver selling down East Central retail
Longriver is selling the ground floor retail component of its new Box Hill skyscraper, East Central.
The three suites – between 223-254 square metres – each come with two car parks.
Two of the shopfronts are attached – potentially creating a near 500 sqm space which would suit a larger occupier, like a restaurant or essential services provider.
Penned by Fender Katsalidis, East Central, at 820-824 Whitehorse Road, rises 30 levels inclusive of a podium with offices.
The residential tower contains 275 dwellings.
The project replaced a two storey Department of Human Services office which Longriver picked up in 2016.
Melbourne’s second city
Emmetts’ Charles Emmett is expecting the retail properties to sell for a total of c$10 million.
“There is really nothing that has been bought to market in recent times in Box Hill that is comparable to this offering,” he said.
“It is estimated the high exposure location sees close to 8.5 million vehicles pass per annum,” the executive added (story continues below).
The suburb, 14 kilometres east of town, has been considered a major activity centre for decades by both major state governments.
It is earmarked for a stop as part of the $50b-plus suburban rail loop, which would connect the area from Cheltenham to Werribee, via Melbourne Airport.
Last year, Vicinity Centres announced a $2 billion redevelopment affecting 5.5 hectares around the train station – and like East Central, on the northern side of Whitehorse Rd.
That proposal would include a 3350 sqm public square, 25-level A-grade office and hotel.
Several sites south of the road are earmarked for apartment complex, amongst them 845-851 Whitehorse Rd, 711 Station St and 2-4 Bruce St, the latter, mooted by MAB Corporation.
“The release of the retail units in East Central Tower has been highly anticipated in the Box Hill market and enquiry is already very strong,” Mr Emmett said.
“There are a lot of retail, medical and commercial occupiers seeking to take control of their occupational destiny,” the executive added.
“We’re definitely seeing a trend as well in this current period of businesses seeking to relocate from upper storey office suites to self-contained business premises with less common areas – ie, lifts and corridors.
“Premises with direct access off the street are particularly in demand”.
