A permit approved site for a 28-level, 230 room hotel site has been sold in the Box Hill Activity Centre.

The 662 square metre site, at 874 Whitehorse Road, is located at the corner of Whitehorse Road and Clisby Court, adjoining the Box Hill Central Shopping Centre.

The sale was handled by Stonebridge Property Group’s Julian White and Chao Zhang. Mr. White said “this site garnered very strong interest from the market throughout the campaign from a diverse mix of buyers, from local and international developers, as well as owner occupiers who are looking to relocate their positions prior to being compulsory acquired for the Suburban Rail Loop project.”

The purchaser paid $8,600,000, which represents a land rate of approximately $13,000 per square metre for the Commercial 1 Zone landholding.

Stonebridge has now sold three development sites in the Box Hill Activity Centre in 2023, transacting 69 Carrington Road and 13 Prospect Street earlier this year.

All three of these sales further highlight the appetite for Asian backed capital to acquire sites in Melbourne, and Box Hill in particular, due to each of these purchasers being of Asian heritage, sourced via Stonebridge’s Asia Practice.

Stonebridge Asia Practice Partner, Chao Zhang, commented on this saying “We have been witnessing firsthand the amount of Asian backed capital looking to be invested into commercial property, with over 50% of our deals being transacted to parties of Asian descent so far in 2023”.

The Stonebridge Asia Practice expects the trend of Asian capital investment into Australia to continue, at least in the short-medium term, as investors across the world are placing a stronger emphasis on capital preservation over to higher risk returns. Major capital cities like Melbourne and Sydney are well placed to capture this interest, and Australia overall seen by many high net worth’s as one of the top 5 destinations to invest across the world.

Stonebridge Property Group releases mid-year update on The Victorian development site sector

Stonebridge Asia Practice Partner, Kevin Tong recently commented on COMMO,

For a detailed update on Asian capital, please click here to watch a video update from Chao Zhang.