A property located in Box Hill South, is set to become one of Melbourne’s largest infill development sites following a highly anticipated sales campaign.
Colliers International’s Hamish Burgess, Trent Hobart and Jun Lai have been appointed by Cor Cordis, acting as agent for the mortgagee in possession, to sell a unique 50,116 sqm site at 15-31 Hay Street, Box Hill South.
Home to the Hays International College, a tertiary education facility for international students, the site is anticipated to be developed once a planning permit is obtained into a medium density townhouse and apartment project. Alternatively Colliers also expects strong interest in the site from aged care and retirement village operators.
The site is unique given its substantial land size and is considered a premium future residential address given the parkland surrounds, including fronting onto Gardiners Creek and the Gardiners Creek trail which meanders through the inner eastern suburbs of Melbourne.
The Box Hill and Box Hill South residential markets have been performing very well, having both experienced median house price growth of circa 24% over the past 12 months with median house prices of $1.571 million and $1.294 million respectively.
“15-31 Hay Street is an increasingly rare large scale, predominantly townhouse opportunity, that is destined to become a preferred destination for livability and amenity for the future residents. There was an earlier planning proposal over the land which incorporated the potential rezoning from its current General Residential zone to a Residential Growth Zone, which included circa 50,000 sqm of predominantly residential uses across the land.” Mr Hobart said.
Large infill sites of over 50,000sqm of land area zoned for residential development have become increasingly rare. Its for this reason that there is a distinct lack of townhouse projects across Melbourne. Other projects of similar and successful scale include the Burwoods Brickworks development situated nearby to this site, The Williamsons Estate in Doncaster and Arbor in Blackburn.
“Metro opportunities of this calibre are rarely offered to the market and with strong demand for housing in Melbourne’s established suburbs we expext strong interest from major private, institutional and offshore developers. These groups will be bidding for the opportunity to create a new residential precinct within close proximity to one of Melbourne’s fastest growing Major Activity Centres.” Mr Burgess added.
The property is for sale via an International Expressions of Interest Campaign which closes on Friday, 13th November at 2pm.