Savills : Scope and Navy Health to Cash-in on Major Box Hill Sites

Two neighboring not-for-profit organisations - Navy Health and Scope - have put their adjoining properties on the market in Box Hill creating arguably the best available development site in metropolitan Melbourne.

To be offered individually or as a whole, the 826 and 830 Whitehorse Road properties provide a combined site area of 2,650 square metres (1,078sq m at 826 & 1,572sq m at 830), a generous 72 metre frontage to Whitehorse Road, as well as rear lane access, and two high quality office buildings with short-term holding income.

According to marketing agents, Savills State Director Clinton Baxter, with Director Nick Peden, and Associate Director, Jesse Radisich, the neighbouring property at 820 Whitehorse Road sold late last year for $18.18 million, which set a new record for a metropolitan development site.

'It's quite unique that two not-for-profit organisations would combine to sell their adjoining properties in tandem, but it makes perfect sense as the potential for large scale residential development across both properties is significantly enhanced. Both organisations are being jointly advised by Ernst & Young.

'The owners were also fully cognisant of the tremendous strength of the Box Hill market, one of the strongest localised areas anywhere in Australia, and the opportunity to sell in the wake of the successful sale of the adjacent property at 820 Whitehorse Road last year at what was a record price,' Mr Baxter said.

Mr Peden said the Commercial 1 zoning, within Box Hill's Major Development Precinct, allowed for a landmark development with planning advice from Urbis indicating a potential building height of more than 30 levels (STCA) with a potential yield of in excess of 500 apartments.

'These sites, sold separately or as one, provide an extremely attractive development proposition particularly given the superb location within the heart of Box Hill in direct proximity to Box Hill Central Shopping Centre, Box Hill train station, Box Hill Institute, the hospital precinct, Whitehorse Road trams and Box Hill Gardens,' Mr Peden said.

Mr Radisich said the incredible local and off-shore demand for apartments - the adjoining 511 apartment project at 850 Whitehorse Road completely pre-sold in a matter of weeks, as did prominent developer Jeff Xu's nearby Sky One development - was another key attribute that would prove very attractive to potential purchasers.

The properties are for sale via Expressions of Interest closing Thursday 23 June at 2pm and could sell for a combined price in the high $20 million range.