The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterTue 13 Oct 15

Major Apartment Project Likely For $18m Box Hill Site

S

A prominent local developer with off-shore links looks certain to embark on a landmark apartment development at Box Hill following the $18.18 million purchase of a prominent Whitehorse Road site.

Savills Australia Director, Nick Peden, who brokered the 820 Whitehorse Road deal with Jesse Radisich and Clinton Baxter, said the land value price of $10,558 a square metre had smashed the previous price benchmark of circa $8,200 a square metre set only weeks earlier with the sale of a Station Street property.

"This was a great result for the vendor with little doubt that previous transactions and development approvals in the Box Hill precinct had an impact on the value the market put on the property," Mr Peden said.

"We received more than 150 enquiries and received 17 individual Expressions of Interest from a range of local and off-shore developers for a what was a prime development opportunity in a hot market."Mr Baxter said the corner site, currently home to an 1,835 square metre office building, was located in what was regarded as a major development precinct.

“This precinct’s development credentials are now well established – in direct proximity to Box Hill Central and railway station, Box Hill Institute, the hospital precinct and gardens – and so the response to the marketing campaign and the result were not a total surprise," Mr Baxter said.

“With apartment projects selling extraordinarily well including some selling out off-the-plan within days or weeks of release, it represented a must-consider opportunity for developers.”

The site sits within Box Hill’s Prospect Street Activity Precinct and the Major Development Built Form Precinct as does the Deague’s 36 and 26 level towers project.

Mr Radisich said Melbourne’s population had shown a growing desire for apartment living and that, along with a rise in student numbers, had been reflected in the number of multi-unit residential projects approved in and around the Melbourne CBD.

“That trend is also making its mark in the suburbs particularly around landmark retail destinations like Box Hill Central where access to shopping and other essential amenity is virtually immediate," Mr Radisich said.

“With the enormous cost of providing infrastructure, governments are encouraging higher density residential growth and that is now coinciding with a residential boom driven by population growth -  Victoria now the leading state according to ABS stats released this week - and also by an ageing population looking to downsize and locate close to everything.”

ResidentialAustraliaPlanningPlanningSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/820-whitehorse-road-box-hill