Heavy interest in Box Hill’s Loyal Orange Institution site
Interest is coming thick and fast for a huge Box Hill South development site that is currently home to the Loyal Orange Institution of Victoria and its 43 residential homes.
The site at 325 Station St is being trumpeted as a potential mini-community, or a new independent living facility, with concept plans already drawn up for 41 townhouses, or a combination of townhouses and independent living units.
Or its current buildings could potentially be revitalised and reborn as an aged care facility, an educational site or student houses.
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The property also has an office building, as well as a meeting or gathering hall.
The Box Hill South site spans more than 12,000sqm.
Price expectations for the 1.2ha property are circa $15 million, with agents already reporting interest from local developers and the Asian market.
ICR Property Group’s Raff De Luise, who is marketing the property with colleague Julian Materia, says the level of enquiry has already been significant.
“Huge. It’s coming off the Richter Scale,” De Luise says.
The former Loyal Orange Institution property in Box Hill South.
“The interest has been great and its the usual suspects. The local Asian community has been the bulk of the enquiry.”
Positioned in arguably Melbourne’s most significant growth area, the site is 15km from Melbourne’s CBD, 1.8km from Box Hill Central, 2km from Box Hill Station, 2.2km from Deakin University and just metres from Kingswood College.
De Luise says that although price expectations are around $15 million, “it’s still early in the race” and the final result could soar higher.
The site currently has more than 40 residential dwellings.
“It’s in a location that is shaping up to be the second CBD of Melbourne,” he says.
“It’s the biggest growth suburb in the last five years. Some of the values have gone up two to three times in the last five years.”
The site is being sold with vacant possession and via expressions of interest, which close on September 15.
