Box Hill: Medical professionals combine to sell suites to a developer
A group of healthcare professionals have come together to sell their medical suites opposite Box Hill Hospital to a developer, making a massive profit. It means another high-rise could join the suburb’s growing skyline.
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A group of doctors and medical professionals have come together to sell their medical suites opposite Box Hill Hospital to a developer for $9.5 million.
According to real estate agency Savills Australia, the site at 21-23 Arnold St is about 1483sq m, and is occupied by a fully operational medical centre.
The centre is subdivided into five separate medical suites, separately owned by 16 individuals — including doctors and medical professionals. There are 24 car spaces on site and the five suites total 420sq m.
The sale was negotiated by Clinton Baxter, Jesse Radisich and Benson Zhou of Savills Australia who said most owners had purchased their medical suite for a price ranging from $180,000 — $300,000 over the years, many in partnership.
By combining to sell altogether to a developer each suite pocketed $1.9 million.
Mr Baxter, state director at Savills Australia, said the buyer was an established local developer with multiple projects throughout eastern Melbourne.
“The property sold on a land rate of $6,400 per sqm, setting a new benchmark for the hospital precinct of Box Hill, and demonstrates that well-located sites are still transacting for premium prices despite the challenges of the COVID-19 environment,” he said.
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According to Savills the property is located in the Box Hill Activity Centre and Major Development precinct, supporting the development of high-rise projects and making the land attractive to developers.
Mr Baxter said Box Hill continued to attract developers wishing to participate in what was fast becoming the location of Melbourne’s biggest ever building boom outside of the CBD.
“Dozens of high-rise projects are in planning or construction, and the skyline of Box Hill is quickly rivalling some of Australia’s smaller capital cities such as Hobart and Adelaide.”
Whitehorse Council general manager city development Jeff Green said the property at 21-23 Arnold St was zoned Residential Growth Zone Schedule 3.
Mr Green said under the 2007 Box Hill Activity Centre Structure Plan, the site was located in a precinct which permitted taller buildings and increased density.
“However within this precinct building heights must not cause overshadowing to key open spaces and sensitive residential precincts within the structure plan area nor those outside of the study area.”