October 19, Melbourne – Teska Carson is marketing a substantial landholding with significant potential for a high rise development at Box Hill, in Melbourne’s east. The property is for sale by Expressions of Interest closing Thursday, November 11 at 3pm and is expected to fetch in the mid $7 millions.
Located at 4 Shipley Street, just off Whitehorse Rd/Maroondah Hwy and 150 metres from Box Hill shopping centre, the property comprises a single level, 750 square metre brick, clear span, warehouse with dual roller doors and an underutilised area currently providing car parking for more than 12 cars.
The 1013 square metre, Mixed Use zoned site, has nearly 22 metres frontage to Shipley Street, additional access from a right to way to one side and a third access via a laneway at the rear. Mixed Use zoning allows for a range of residential, commercial, industrial and other uses which complement the mixed-use function of the locality, including housing at higher densities.
The property will be sold subject to a 12 month lease to Box Hill Panels at $123,341 per annum net. The lease includes a demolition clause subject to six months notice to the tenant.
Marketing agents, Teska Carson’s Stephen Speck and Michael Ludski, said the site would provide the successful purchaser with an outstanding development opportunity within what has been dubbed Melbourne’s `second city’.
``The property presents an exceptional opportunity for developers to acquire a well-located property in a location which has seen an explosion in development activity over the last five years or more, including a significant number of high rise buildings.
``That looks very likely to continue based on current demand and anticipated continued growth for a locality which is now being described by some as Melbourne‘s second city,’’ Mr Speck said.
The location offers property owners and tenants immediate access to every essential amenity including Box Hill Central shopping centre, Box HilI train station and EastLink, Box Hill Hospital and several local parks.
Mr Ludski said the property benefitted greatly from its position within the City of Whitehorse, one of the fastest growing municipalities in Melbourne.
Located 15 kilometres east of Melbourne’s CBD the municipality covers an area of 64 square kilometres, has access to an extensive public transport system and is strategically positioned to take advantage of the Eastern Freeway and EastLink.
``The local community is very well resourced and continues to attract new residents and new businesses, as such it provides investors and developers with confidence that demand for residential and commercial property will also continue to grow,’’ Mr Ludski said.
He said the property’s key attributes included:
- Significant development potential
- Mixed Use zoning;
- Three street access;
- Substantial holding income;
- Outstanding location; and,
- Immediate access to every essential amenity.