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 2597sq m.
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The St Paul’s Lutheran Church is located in a prime development zone.
“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 said.
He added the vendors had received multiple offers for the prime site described as one of the best remaining development blocks in the suburb.
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.
Some recent Box Hill developments rising high in the area.
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 144sq m 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.