Image: Supplied.
  • South Yarra mansion currently serves as a medical clinic
  • Box Hill sites are adjacent and will be jointly sold

Two prime pieces of Melbourne real estate have recently hit the market, with development opportunities the name of the game.

One offering is in the pristine surrounds of the South Yarra, offering potential owners an enviable location, the other being in Box Hill, marketed as a blank slate that is ripe for development.

Historic South Yarra gem on the market

Home to Glenhope mansion, 466 Punt Road, South Yarra is on the market.

In an expression of interest campaign managed by Fitzroys, the 1,777 square metre property is expected to fetch circa $5.5 million.

Located on Domain Hill, the 1880s Victorian mannor is home to Millswyn Clinic and is currently used for medical and consulting rooms.

Zoned Residential Growth, the short term lease on the property will expire in December this year, making it a prime opportunity for investors.

Fitzroy’s David Bourke said “There’s so much potential for this site.”

“There’s enormous scope to repurpose the property for a range of uses, including for
medical or childcare, boutique residential accommodation or for redevelopment.

“The nearby Forest Hill precinct of South Yarra is undergoing a transformative period that is bringing new residential, retail, office and hospitality offerings, and there’s a fast-growing demand from young families moving to the area for education, medical and childcare services.”

Mr Bourke added that buildings with history and character offered a great differentiator for businesses, “… and we’re expecting interest from owner-occupiers looking to acquire their own character premises on the Melbourne CBD fringe. Historic inner-Melbourne buildings such as this are very tightly held.”

Fitzroy’s Chris James added that the property has excellent accessibility to important Melbourne institutions:

“The prestigious Domain Hill precinct is also within walking distance to the Yarra River,
Melbourne Cricket Ground and Yarra Park, and is moments from the Melbourne CBD and St Kilda Road office precinct.”

The property itself was constructed in 1887 by Robert Paxton and was purchased by the Warsaw Jewish Committee in 1951 for £17,200, which approximates to some $400,000 in today’s money. The home housed Polish refugees arriving from Europe.

The building went on to serve as the headquarters for the Australian Jewish Welfare and Relief Society, with ownership transferred to AJWRS in 1958, serving the society’s headquarters until 1992.

Box Hill owners join forces

Two adjoining owners have come together to offer a total of 2,309 square metres along 13-17 Prospect Street in Box Hill, half an hour west of Melbourne’s CBD.

Boasting a 55 metre street frontage, the property is zoned commercial one and is marketed by Savills as “… offer[ing] the ability to undertake a landmark development in close proximity to Box Hill Shopping Centre and Train Station.”

The property is expected to fetch in the mid $20 million’s, with development options including major residential or mixed-use development of around 23 storeys with a net saleable area of 19,623 square metres, according to a scheme prepared by Elenber Fraser as cited in a Savills press release.

Savills said the area is going through significant rejuvenation, with the adjacent Project Box Hill development scheduled for completion later this year, along with Vicinity Centre’s (ASX: VCX) revitalisation program of the Box Hill Central precinct.

“Box Hill is a thriving hub in Melbourne’s east that has developed into Melbourne’s second CBD with many highly successful mixed-use developments recently completed. This exclusive development opportunity offers one of the best remaining blank canvas development sites in Central Box Hill,” said Savills’ Tanya Su, who is managing the sale.

“The strip has been dominated by low-rise commercial office buildings which are now making way for mixed-use high-rise towers in accordance with the Activity Centre’s growth. Prospect Street will be completely transformed into a bustling thoroughfare and act as a gateway that extends into the heart of Box Hill Central Shopping Centre.”

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