Melbourne’s rapid population growth is driving demand for new developments, with the city projected to surpass Sydney as Australia’s largest metropolis by 2032.
However, despite the urgent need for housing and infrastructure, the current pipeline of projects remains limited.
Against this backdrop a 5,047sqm development site at 110 Albion Road, Box Hill, adjacent to expansive parklands, has come to the market.
The site comes with an approved permit for a residential aged care development, but its future potential extends beyond aged care, with opportunities for townhouses, apartments, retirement living, or medical facilities, pending final approval of a rezoning application.
The property is being marketed by Hamish Burgess, Joe Kairouz, and Leon Ma of Cushman & Wakefield, under instructions from Steve Bennett and Matt Brown-Greaves of JACX Property as Transaction Managers.
Currently zoned Special Use Zone (SUZ), the site offers 71.8m* of street frontage and has received unanimous council support for rezoning to General Residential (GRZ), a change that is now awaiting ministerial approval.
Once granted, the rezoning would allow for a range of residential and community-focused developments.
Hamish Burgess, Director at Cushman & Wakefield, highlighted the strong potential for townhouse development on the site while also acknowledging interest from aged care and retirement living operators was likely, given the robust activity in that sector at present.
“We anticipate strong interest from the Aged Care and Retirement Living sector, given the site’s prime location and growing demand for senior housing and care. While there will be select interest from alternative buyers, the flexibility of this site also makes it highly attractive for townhouse or apartment developers looking to deliver much-needed housing in Melbourne’s eastern suburbs,” Mr Burgess said.
Strategically positioned 14km east of Melbourne’s CBD and just 1.2km from Box Hill’s bustling centre, the site offers a highly sought-after park front setting.
With a 72-metre frontage to Albion Road and direct access to Gardiners Creek parklands, it presents a rare opportunity in one of Melbourne’s most desirable growth corridors.
Leon Ma, International Director at Cushman & Wakefield, further noted the site’s appeal and strategic positioning; “The site enjoys a premier location within Melbourne’s eastern suburbs, benefiting from its proximity to Box Hill’s thriving commercial and retail hub.
With parkland directly at its doorstep and strong connectivity to community-based projects, such as the nearby Wembley Hill master planned townhouse community by Golden Age,” Mr Ma said.
The property is being quoted with a price guide in excess of $9.5 million, with expectations of strong competition among local and national developers.
For more information, contact Hamish Burgess, Joe Kairouz and Leon Ma.
