Two rare, prime development sites in the increasingly popular hot spot of Box Hill have hit the market amidst expectations of a solid contest among buyers.
Colliers International’s Peter Bremner and Trent Hobart, in conjunction with Peter Sprekos and Christine Tian of JLL, have been appointed to sell a 1,004sqm site at 13 Prospect Street and a 1,653.7sqm site at 31-35 Prospect Street, either separately or in one line. Agents expect the sites to attract in excess of $7,000/sqm.
Both sites are zoned Commercial 1 and would suit multi-level residential development (STCA).
“Box Hill has become a residential development hot spot with the well-established Chinese community,” Mr Bremner said. “With a median house price of more than $1.25million and burgeoning heights of new development approvals, the suburb is becoming sought after."
“The sites have excellent development potential and, being close to the Box Hill Central Centro, a train station and tram lines, are sure to be hotly contested. They are surrounded by an exceptional range of restaurants, cafes, retail and lifestyle amenity."
Prospect Street has historically been characterised as a low rise office precinct, but with the approval for a 36-level project at 850 Whitehorse Road, known as Whitehorse Towers, local and state government have shown support for residential uses at strong densities.
Whitehorse Towers reportedly sold out of the total 500-plus apartments in a matter of weeks during mid-2015, proving the increasingly strong demand for new quality apartments in this eastern location.
“These two Prospect Street sites both sit within the planned Major Development Precinct within the Box Hill Activity Centre, meaning that substantial densities are not only allowed, but encouraged,” Mr Hobart said.
The properties are for sale by Expressions of Interest closing December 17, 2015. For more information contact Peter Bremner (0412 326 942) or Trent Hobart (0433 196 452).