Chinese developer forks out $20m for Box Hill church

A Chinese developer has forked out more than $20 million for a corner Box Hill site in its first foray in Australia.

The sale of 711 Station St, which is occupied by St Paul’s Lutheran Church, follows a series of strong prices for development and retail sites in the booming suburb.

An 18-storey apartment block could replace the 1950s church property on 2597sqm.

Commercial Insights: Subscribe to receive the latest news and updates

“It is a landmark sale with a new entrant in terms of a mainland Chinese developer with their first purchase here,” Colliers International agent Trent Hobart says.

He added the vendors had received multiple offers for the prime site described as one of the best remaining development blocks in the suburb.

711 Station St, Box Hill is located in a fast-developing corridor.

The property came with price expectations above $20 million in a residential growth 3 zone that allows for mixed use, including high-density housing of up to 18 storeys and aged care or medical facilities.

There was also buyer interest as a land banking opportunity.

The Station St pocket is a prime development opportunity between Box Hill Gardens and Box Hill Central shopping centre.

The St Paul’s Lutheran Church is moving to a new site nearby in 2019.

A shoplot on a tiny 144sqm at nearby 27 Market St fetched $8.8 million at a recent auction.

It had gained $5.3 million between sales and was bought by a Hong Kong developer.

This article from Leader Newspapers originally appeared as “Box Hill church site sells for more than $20m”.