Mortgagee lists another Canaan International Box Hill site

The Box Hill site at 13 Prospect Street was approved with the neighbouring property (#15-17, below) to make way for a 25-level apartment building.

Cor Cordis – as mortgagee in possession – has listed another Box Hill precinct development site formerly controlled by international school Canaan.

The 1004 square metre parcel at 13 Prospect Street, Box Hill, is expected to sell for about $8 million.

The neighbouring 15-17 Prospect St.

Leased short-term to Hutchinson Builders, it is zoned Commercial 1 and earmarked with the neighbouring 15-17 Prospect St to make way for a 25 level apartment building.

It is however being offered separately and could individually make way for a tower this height.

Knight Frank’s Tim Grant, Tom Ryan and Ed Wright are the agents.

The property previously exchanged for $8.25m in 2018.

Earlier this week Cor Cordis listed another ex-Canaan asset as a residential development site – Box Hill South’s five hectare former St Leo’s College – which could sell for more than $70m.

Title documents show mortgages to two parties, Melbourne Securities Corporation and Merricks Capital, the latter owned by the Liberman family (story continues below).

Site in development hotspot

According to City of Whitehorse, 13 Prospect St accommodated a house which was removed in the mid-1980s.

About 17 years ago the tract was the subject of a four level office proposal.

It was permitted to become a car park in 2012.

Several major office and residential developments surround it – R&F Property’s 25 floor apartment building taking shape next door (9-11 Prospect St), amongst them.

In May Vicinity announced it would replace land around its nearby Box Hill Central shopping centre with a $2 billion village containing residential, offices, hotel and retail – and what will be the suburb’s tallest tower (at 48 levels).

The week earlier, MAB Corporation announced plans to build a 19-storey apartment building, Tempo, in the suburb. Last year APH acquired a block next door to the Australian Taxation Office with plans for a commercial investment – likely also of this height.

The 13 Prospect Street property is near Box Hill Central, where Vicinity is proposing a $2 billion mixed-use redevelopment.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco