Box Hill: Sky One Plaza shopping precinct could sell for up to $80m

The owners of the tallest tower outside the CBD have put its multi-level shopping plaza on the market. See how much its likely to sell for.

Developer Golden Age is selling the three-level Sky Plaza at the bottom of its 36-storey Sky One tower in Box Hill. Picture: Kiel Egging.

The owners of Melbourne’s tallest residential tower outside of the CBD are offloading a multi-level shopping plaza at the bottom of its landmark development.

The four-level plaza, part of developer Golden Age’s 36-storey Sky One tower in Box Hill, is expected to be sold by agents JLL and Stonebridge for up to $80m.

It contains eateries, a Bank of China branch and hair and beauty salons, and sits below 430 apartments and facilities for residents on the corner of Station St and Carrington Rd.

The new owner can expect to earn $3.8m per annum from tenants across the 3369sq m plaza when it is fully leased.

It is unclear why Golden Age is selling off the retail component of the tower, which opened in 2019.

Stonebridge’s Kevin Tong said the agents had received strong interest in the plaza so far from local and international investors, particularly from Asian-based groups.

He expected the plaza to sell for between $70m and $80m.

“Asian groups are resonating quite well (with the offering) given the Asian demographic in Box Hill,” he said.

“It is such a unique proposition, it is similar to buying a shopping centre in the CBD, because Box Hill is Melbourne’s second CBD,” Mr Tong said.

JLL’s director of retail investments, Stuart Taylor, said the plaza offered “a highly attractive tenancy mix which has been specifically curated for the local demographic.

“With 41 per cent of income underpinned by Bank of China and internationally renowned restaurant Hai Di Lao, the asset provides a compelling investment proposition,” he said.

Expressions of interest in the site close on Wednesday, October 19.