A prominent Victorian developer says it is now the biggest landholder in a state growth hotspot after it scooped up another site.
Jeff Xu’s Golden Age Group has padded out its Box Hill development pipeline with the acquisition of the 1200sq m parcel at 69 Carrington Road. It paid around $13 million for the site.
Golden Age’s Box Hill portfolio encompasses five separate sites that span more than 6ha, which, the developer said, combined make them the largest private landholder in the suburb, which lies 14km east of the Melbourne CBD..
Other sites include the under-way SKY SQR, a new food, lifestyle and retail precinct; the Sky One tower; and residential developments Hay Street (Wembley Hill) and Jade apartments.
The developer said that it was exploring schemes for a commercial, strata office and retail project “to cater to the suburb’s evolving business and economic needs” for its latest acquisition.
“After the success of Golden Age’s boutique strata offering via 130 Little Collins in the CBD, the Carrington Road project will look to set a new benchmark for strata offices in Box Hill,” a spokesperson said.
Meanwhile, Golden Age has launched its leasing campaign for SKY SQR, which will include a three-level retail podium and food precinct with tenancies from 16sq m to 2000 square metres.
The developer said it would be a “cultural hub designed for a new generation … a true blend of east-meets-west cultures”.
“The design draws inspiration from traditional European food halls and Asian markets; a nod to famous places such as the Borough Market in London, San Miguel Food Market in Madrid, and Lan Kwai Fong in Hong Kong.”
Asian hubs outside the CBD continue to experience strong growth with local government data revealing 75 new eateries opened in Box Hill between January 2021 and January 2023, compared to 52 in Melbourne CBD Chinatown in the same period.
Touted by some as Melbourne’s second CBD, the population in Box Hill is anticipated to grow by 12,700 to 14,000 people by 2036, requiring 4000 to 4600 more homes, according to the Box Hill Metropolitan Activity Centre Structure Plan.
As well, the plan forecasts that about 63,000sq m of office space will be required, as well as an additional 27,300sq m of retail space and 4600sq m of entertainment/recreation space.
