Whitehorse Rd Box Hill: Chinese developer Poly could reap $50m from site sale

A Chinese developer could be set for a massive windfall as it offloads the site of a soon-to-be-built 36-storey tower in booming Box Hill.

One of the last remaining prime corner sites in the suburb likened to Melbourne’s second CBD could sell for up to $50m.

Chinese developer Poly has drawn local and international developer interest for its 1985sq m site at 823 Whitehorse Rd, Box Hill on the corner of Wellington Rd.

The site is the former home of a BP service station that was demolished to make way for a 36-storey mixed used complex approved by Whitehorse Council in 2019.

A permit for the project, dubbed ‘The Times’, also comes with the site and includes approval for 366 apartments and commercial and retail space.

The project at 843 Whitehorse Rd, Box Hill is also set to include commercial and retail spaces on the ground level. Picture: commericalrealestate.com.au

Agents Colliers International and Savills Melbourne are handling the sale of the site and took expressions of interest over four weeks up to April 21.

Savills director Benson Zhou said he expected the site to sell for more than $46m, potentially in the vicinity of $50m, which could be a record-breaking sale for the suburb.

“If it successfully transacted, it could be a new sales record,” he said.

“It’s pretty much the last big development site in Box Hill, everything else on Whitehorse Rd has been developed.”

Mr Zhou said it was unclear why Poly was offloading the site, which according to realestate.com.au last sold for $19.6m in January 2020.

He said a decision on the sale of the site was expected to be completed shortly by both offices.

Whitehorse Council was contacted for comment.