Box Hill property sells within hours

A Box Hill industrial property lasted only hours on the market after an astonishing show of interest from investors.

The exhaust repair centre and former service station site at 500 Station St received 35 enquiries in the moments after it was put onto the market, with two offers to purchase following quickly.

A deal for the 1090sqm property, which is zoned for industrial but could be rezoned for residential in the future, was completed within hours for $3.5 million, smashing the vendor’s expectations by $1.5 million.

Commercial Insights: Subscribe to receive the latest news and updates

The site was originally slated for auction on August 31.

Savills’ Julian Heatherich, Benson Zhou and Clinton Baxter brokered the deal, with Heatherich saying the level and intensity of interest caught everyone by surprise.

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

“Box Hill is continuing to experience significant demand from both local and more particularly off shore buyers, who are looking to secure a foothold within one of Melbourne’s most rapidly evolving areas.”

A local Chinese development won the race to secure the property

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

“Box Hill is absolutely booming, with land values rising almost by the week.”