Royal District Nursing Service offers Box Hill North block

The Royal District Nursing Service is the latest not-for-profit vendor set to benefit from a recent surge in Box Hill development site values.

RDNS can expect more than $5.5 million for 690 Elgar Road, Box Hill North.

The 3900 square metre plot abuts the Eastern Freeway which is also the Doncaster suburb border.

Configured with a collection of single-storey brick buildings, the property is being marketed as ideal for aged care providers or townhouse developers.

Land bankers and owner-occupiers which might consider retaining the existing structures on site, are also on the radar.

An aerial image showing the site (outlined) relative to central Box Hill.

The parcel is next door to the Presbyterian Theological College – another potential buyer.

Public amenity including the suburb’s Hockey Club, Supers Football Club, Elgar Park South East Oval, NOVA Music Theatre Rehearsal Hall and the North Box Hill Tennis Club, also surround 690 Elgar Road.

Savills Julian Heatherich, Benson Zhou and Dorothy He are representing RDNS.

The listing comes nine months after the St Paul’s Lutheran Church at 711 Station Street, Box Hill, sold to a Hong Kong developer for $29.5 million – or about $9.5 million more than the expectation.

The Loyal Orange Institution of Victoria offloaded a 1.2 hectare Box Hill South property at 325 Station Street for more than $15 million in the same week as the church.

In May we reported, exclusively, that the owners of eight strata-titled villa units at 12-16 Shipley Street, Box Hill, banded together and banked $14.1 million selling their 2061 sqm holding.

Box Hill is a major suburban employment hub about 14 kilometres east of the Melbourne CBD.

In June, 2018, MS Limited paid $9.5 million for a new office at 120 Thames Street, opposite the Box Hill Hospital.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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