Box Hill High School a boon for development site

A large Blackburn just a few doors down from Box Hill High School could present a rare opportunity for developers.

Priced from $3.8-$4.1 million, 1-3 Minna St includes an approved permit for 1o townhouses.

A sale in that range would top the year’s highest sale in Blackburn — $3 million for 61-63 Whitehorse Rd in April.

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The Blackburn median is $1.213 million, down 14% for the past year, according to CoreLogic data.

Two houses are on the block earning about $500 a week each in lease.

Savills Melbourne agent Benson Zhou says there is also scope for other development opportunities on the site.

“We are only quoting $3.8 million on the back of the townhouses,” Zhou says.

“There can potentially be apartments (put in) — that’s for the next buyer to decide.”

“If someone sees the value in putting up the apartments, that would make the land rate really cheap.”

Blackburn High School is also nearby.

Zhou says there has already been strong interest due to the block’s central Blackburn location.

“It’s directly opposite Box Hill High — a lot of parents would be keen to live there,” he says.

Zhou says the two houses on the site are currently being leased at about $500 a week each by the vendor. “All the service and engineering reports have been done — that’s $100,000 to $150,000 saved,” Zhou says.

Expressions of interest close on July 17.

This article from Leader Newspapers originally appeared as “Box Hill High School: approved townhouse site for sale nearby”.