Box Hill skyline expected to rival capital cities as developers snag prime real estate

A SUBURB in Melbourne’s east rapidly offloading millions of dollars of prime real estate to developers will have a “more impressive skyline” than cities like Hobart or Canberra in a few years, agents say.

An artist's impression of the Whitehorse Towers development, which is the tallest building outside the CBD and will be finished later this year.

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ANOTHER prime location in Box Hill has been snapped up by a developer, this time for a cool $22.55 million.

The 1972sq m BP petrol station at 843 Whitehorse Rd, on the corner of Wellington Rd, lies within Box Hill’s major development precinct, and sold for a land rate of $11,400 per square metre.

The 36-storey Whitehorse Towers development is nearing completion. Picture: Mark Stewart

Savills agent Clinton Baxter said the property had been the focus of intense interest from numerous Australian and Asia-based developers, with the long-term owner ultimately electing to accept an offer made in private negotiations.

“Box Hill is the most dynamic and rapidly evolving suburb of Melbourne — the transformation occurring currently is absolutely breathtaking,” Mr Baxter said.

“Within three-five years, Box Hill will have a more impressive skyline than some capital cities such as Hobart or Canberra,” he said.

The Whitehorse Towers rooftop, which offers sweeping views of the Melbourne skyline. Picture: Nicole Garmston

Mr Baxter’s colleague Nick Peden said that “with most major sites throughout Box Hill having been sold to developers over the past two years, a genuine shortage of suitable sites for high-rise development is starting to occur, pushing up land value throughout the suburb.”

The vendor was a family that had held the property for an extended period.

It is believed the site will likely be developed for a high-rise residential or hotel use.

Savills also recently sold 500 Station St, Box Hill (on the corner of Albion Rd) for $3.5 million.

500 Station St, Box Hill recently sold for $3.5 million.

The exhaust repair centre site received two offers within hours of going on sale and was sold by the end of the day.

Mr Baxter said that “the property was purchased by a Chinese development group, who know and understand Box Hill intimately”.

“They were in a hurry, and not prepared to wait a moment longer to purchase this strategic corner landholding,” Mr Baxter said.

“The vendor was blown away, he and his wife are absolutely staggered by what took place” Mr Heatherich said.

The site was zoned for industrial use.