Marathon Box Hill auction drives sale price 65 percent above the reserve
Marathon Box Hill auction drives sale price 65% above the reserve
| 8 March 2017
The Australian Chinese Medical Association of Victoria has sold its long owned headquarters in Box Hill for $3.21 million - 65% above the reserve price.
CBRE’s Victorian Health, Aged & Child Care team of Sandro Peluso, Chao Zhang and Josh Twelftree steered the highly competitive auction, which attracted 160 bids and stretched for well over an hour.
A retail owner/occupier acquired the 862 Canterbury Road property, which the Australian Chinese Medical Association has occupied for over 20 years.
The circa 330sqm office building, which includes onsite parking, is situated in a Commercial 1 zoning, which would allow a mixed use development of retail, commercial and residential subject to the relevant planning approvals.
Mr Peluso linked the buyer interest to the site’s flexibility – providing an opportunity to occupy, invest or develop.
“We had the eventual buyer, an owner occupier, bidding ferociously against a Chinese developer to secure the property,” Mr Peluso said.
“The owner occupier market is extremely strong at present given the low interest rate environment, with purchasing being seen as a much more favorable option than renting.”
Mr Twelftree added; “This ties into a string of owner occupier sales and noted activity by the CBRE Victorian Health, Aged & Child Care team. In December we sold a vacant medical opportunity at 303 Mountain Highway, Wantirna to a developer who was bidding against a group of doctors looking to purchase as owner occupiers. The property sold for 66% above the reserve price.”
The sale price for 862 Canterbury Road reflects a building rate of $9,727/sqm and a land rate of $4,285/sqm.
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