Telstra hangs up Box Hill, Springvale sites

The Box Hill site could house a development of up to 12 levels.

Telstra has sold off two sites in Melbourne’s suburban east after overcoming issues surrounding their potential development.

The sites at 28-30 Cambridge St, Box Hill and 18-20 Warwick Ave, Springvale sold for a combined $9.35 million after receiving intense interest from local and international developers.

Spanning more than 900sqm, the Box Hill site is close to Box Hill Central Shopping Centre and could accommodate a development of up to 12 levels, subject to council approval.

Commercial Insights: Subscribe to receive the latest news and updates

The Springvale block is smaller at 717sqm, but has three street frontages totalling almost 84 metres and is just off Springvale Rd, at the heart of the Springvale activity centre.

Telstra Springvale site

The Springvale site was one of two sold by Telstra.

Savills’ Nick Peden, who marketed the properties and brokered with colleagues Jesse Radisich and Benson Zhou says the potential development of the sites required some finessing.

“Despite some complications surrounding the potential development of both sites, with various easements and encumbrances, we were able to effectively navigate these obstacles and work with prospective purchasers to appease any concerns,” he says.

“Exceptional interest was generated in both opportunities. Ultimately, we secured very strong prices for each site.”