Telstra has finally offloaded a central Box Hill site, abutting an exchange.
At 30 Cambridge Street, the 902 square metre Commercial 1 zoned block has traded to Alex Zhang’s Zynergy Property for $4.7 million.
It can make way for a 12 level building.
“We are witnessing increased levels of demand from developers looking to enter the Box Hill market, buoyed by confidence on the commencement of Asian immigration back to Australia with border policies relaxing,” Stonebridge’s Chao Zhang, who represented Telstra with Julian White, said.
“Box Hill has been a booming Asian cultural hub for many decades, most of the developments have been focused on residential apartments which have now reached a transitional point,” he added.
“Zynergy Property have a strong retail background, we believe a diversity and delivering a commercial outcome for the site that enhances the living experiences for all occupants in Box Hill”.
The deal comes nearly two years since Vicinity announced plans for a c$2 billion redevelopment of sites around Box Hill train station – including a 48 level apartment building, set to be the suburb’s tallest tower (story continues below).
Deal five years in the making
Telstra tried offloading the Box Hill land with a different agency in April, 2020 – at the start of the first COVID lockdown.
The telco also offered the property in 2017 however a reported deal fell through.
Last year the group divested two more surplus suburban Melbourne development sites – at Springvale, for $2.2m, and Point Cook ($751,000).
Charter Keck Cramer is Telstra’s transaction adviser.
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