Wattle Park site attracts student accommodation developer
A student accommodation developer has bought a site at the southern edge of the Wattle Park shopping village, in Melbourne east.
The 772 square metre parcel, 156 Elgars Road, Box Hill South, cost $2.8 million.
It was offered permit-ready for a Plus Architecture-designed five-level complex with 21 apartments – mostly two and three bedrooms – capitalising on city skyline views over Wattle Park across the road.
However, being zoned Commercial 1, and near the corner of Riversdale Rd, alternative development outcomes were also promoted including commercial or essential services including a medical centre or childcare complex.
The incoming project is expected to contain ground floor retail; the site is exposed to the retail precinct for 14 metres.
Aston Commercial’s Jeremy Gruzewski and Joshua Colosimo were the agents.
“Sites of this nature are tightly held in Melbourne’s middle-ring suburbs, particularly where they combine a flexible zoning outcome with exposure to an established retail precinct,” Mr Gruzewski said.
“The property offered developers multiple pathways, with an existing permit providing certainty while retaining scope to consider alternative uses over time,” according to the executive.
Mr Colosimo added the ability to deliver a residential project while retaining flexibility for commercial or community-oriented uses broadened the buyer pool.
“Interest came from groups assessing both the immediate development opportunity and the longer-term value of a strategically positioned asset within an established eastern suburb location” (continues below).
Wattle Park is at the border of Box Hill South, Burwood and Surrey Hills.
The deal comes a month since realestatesource.com.au reported a large format retail investment in the suburb, occupied by Genesis Fitness Club and Legends Billiards Club, across five titles, sold to an offshore investor.
Box Hill precinct pushes beyond its boundaries
Box Hill South is about 13 kilometres from Melbourne’s CBD.
It is three kms south of central Box Hill – classified by the state government as a Metropolitan Activity Centre, which has since 2015 seen offices and thousands of apartments and hotel rooms delivered.
Last month, planning minister Sonya Kilkenny approved a scheme amendment for the 7.2-hectare former Box Hill Brickworks site, paving the way for a mixed-use redevelopment with 10 level towers.
Estia Health also bought an aged care site from Villa Maria Catholic Homes.
In February, a China-based operator bought the hotel component of a mixed-use tower at 845-849 Whitehorse Rd.
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