Vendor aims to make millions off prime Box Hill spot
The vendor of a prime spot on Box Hill’s main drag is hoping to triple his investment.
The 566 Station St property, with two long-time tenants, has price hopes up to the mid-$3 million-range.
If achieved, this would triple the $1.125 million the vendor paid in 2003, sales records show.
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The double-storey property not only brings in almost $150,000 in annual rent but has space at the rear of the block for an extension.
It has a prized location directly opposite Golden Age’s ‘Sky One’ development, a 36-level complex with 438 apartments and three levels of retail and dining outlets, CBRE agent Rorey James said.
“This is an opportunity to invest in Box Hill’s next chapter, where we expect strong growth over the next five years,” he added.
“There is room for significant uplift in rental income due to nearby developments and also increase in foot traffic.”
The 190sq m property, with a floor area of 169sq m, is occupied by a ground floor cafe and upper level tea distributor.
It has rear lane access via Ellington Pde and is close to Box Hill Central, train station and trams and buses.
It will go to auction on June 28 and is being listed with co-agents Nic Hage, Jing Jun Heng and Lewis Tong.
Commercial properties in the area have performed very well, with an $8.8 million sale of 27 Market St last October while 587-589 Station St fetched $5.002 million in 2013.
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