Box Hill: Nelson Rd properties near Box Hill Central for sale
More apartments could be on the way to Box Hill’s bustling central hub, with two prime pieces of land in the process of being sold to developers.
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Neighbouring properties in the centre of Melbourne’s booming ‘second CBD’ are being offered to developers.
And in keeping with the trend of Box Hill’s huge expansion, the future owners are expected to use the two “development super sites” to build high rise residential developments.
Real estate agency CBRE has begun taking expressions of interest on the 755sq m property at 10 Nelson Rd, Box Hill, just as agency Sutherland Farrelly has finished taking offers on the neighboring 710sq m property at 8 Nelson Rd.
Both properties have long been host to single-storey automotive businesses and are about 200m from Box Hill Central and 200m from Box Hill Hospital.
CBRE’s Julian White said the “nice little block of land” at 10 Nelson Rd was definitely “a development site”.
It is being advertised as “ready to develop with (a) height precedent of 20 levels next door”.
Mr White said with the number of developers looking to service the suburb’s growing population, the mechanic shop on the site, which was only on a short-term lease, would most likely be turned into housing.
He said the site had been held by a family for a long time, probably about 30 years.
Mr White said CBRE had already received interest on the property in its first week on the market and he expected it would sell for around $6.5 million.
The agency will take expressions of interest until Thursday, December 12.
Meanwhile, Sutherland Farrelly’s Paul Farrelly is negotiating with those keen to buy 8 Nelson Rd, after expressions of interest closed on Friday, November 8.
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The property was advertised as a “development super site”, with the leases of the tenants who occupy the site — a car transmission business and a locksmith — only valid until December 2021.
Mr Farrelly said it was “highly likely” the property would be used for residential development because of the high demand for housing in the area.
Neither agent would say if any interested buyers had indicated they were looking to get their hands on both sites.
Both pieces of land have street frontage to both Nelson Rd and Shipley St and fall within a Mixed Use Zone in Whitehorse Planning Scheme, meaning they are suitable for residential or commercial development.