Prime Box Hill site to fetch $10 million

A Box Hill site with the potential for high-rise development is on the market with price expectations around $10 million.

The 1305 square metre site at, 15-17 Prospect Street, features a two level office building with 31 metres frontage to Prospect Street.

It is currently leased to Cummins South Pacific, with the lease expiring May 2018 at a net annual rental of $1,000,840.

It is on the market through Savills’ Clinton Baxter and Nick Peden, and Colliers’ Peter Bremner and David Minton.

Peter Bremner said there was no doubt that the outstanding level of surrounding retail and lifestyle amenity would ensure that any redevelopment of the site would be highly sought after by end users.

"Box Hill is very well serviced by retail, educational and medical facilities, parks and gardens, public transport and access to Melbourne’ s arterial road network," he said.

"Should the purchaser proceed with a redevelopment of the property there is sure to be a ready market for the end product, alternatively an owner-occupier would be well satisfied with both the existing premises and the location."

Nick Peden said Box Hill is forecast to require 5242 new dwellings to accommodate its rapidly growing population by 2036, while commercial property demand remains strong with low vacancy rates in both office and retail sectors.

"The withdrawal of numerous commercial spaces for residential development has underpinned the strong and growing demand for commercial property,’’ he said.

The property will be sold by expressions of interest closing Wednesday, July 12 at 2pm.