566 Station St, Box Hill attracted strong interest from five bidders.
A Box Hill shophouse investment has paid off handsomely for its long-time owners.
The auction of 566 Station St resulted in a $4.1 million sale after a battle between five bidders — well above the $1.125 million the vendors paid for it in 2003.
The property, tenanted by a Chinese cafe and a tea distributor, sold $600,000 above reserve.
566 Station St Box Hill
The 566 Station St site gets plenty of foot traffic.
The property was called on the market when bidding hit $3.7 million. The kerbside auction along the busy main road attracted a sizeable crowd and was expected to fetch around the $3.5 million mark.
“The vendors could not believe the result that was achieved and it showed the strength of Chinese capital investing here,” CBRE agent Rorey James said.
All the bidders were Chinese investors and the buyer is believed to be an investor from China.
“During the campaign, we had to inform buyers about the direction that the Box Hill area was heading to over the next few years,” co-listing agent JJ Heng said.
Box Hill Central
The property will gain from the massive Sky One apartment and dining/retail complex.
Box Hill Central
Box Hill Central and the train station are just across the road.
The double-storey property offers substantial rental income from two long-term leases and also has development options from the vacant rear yard on the 190sq m block.
It brings in almost $150,000 in annual rent and has capital growth potential, being located opposite the new Golden Age ‘Sky One’ development, a 36-level complex with apartments and retail and dining outlets.
Mr James had described the auction as an “opportunity to invest in Box Hill’s next chapter” with strong growth expected in coming years.
Melbourne's top end sales
The property also has rear lane access via Ellington Pde and is close to Box Hill Central, train station, tram and bus routes.
Commercial properties in the suburb have performed well, with $8.8 million paid for 27 Market St last October.