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Home owners join forces to turn modest brick villas into gold mine

Courtesy: Home owners join forces to turn modest brick villas into gold mine

Eight adjoining home owners in Melbourne’s east have banded together to turn their modest brick standalones into a winning package deal, selling their combined properties for $14.1 million.

The eight properties, on Shipley Street in Box Hill, combine to make a total of 2,061sqm and have been bought by Chinese developer Alex Zhang of Zynergy Property Development.

Zynergy currently lists four projects on its website in the Melbourne suburbs of Canterbury, Balwyn, Camberwell – all in the east – and Carlton.

Savills Australia agents Dorothy He, Benson Zhou and Julian Heatherich brokered the deal at a rate of almost $7,000 a square metre, saying it was rare to be able to market a series of homes in one line.

“The buyer, a locally based Chinese developer, realised the upside of a landholding in the Box Hill Activity Centre,” she said.

“With an adjacent 20-level project under construction, substantial height can be achieved through development (STCA) and there is enormous potential for views of the Box Hill Gardens and Melbourne CBD.”

Box Hill, which sits around 14 kilomtres east of the Melbourne CBD, has seen a boom in high-rise development due to liberal local planning regulations helped along by a quickly growing population.

The City of Whitehorse population is forecast to grow to about 22,850 people by 2036.
“Box Hill is a thriving hub in Melbourne’s east, currently home to more than 12,500 residents,” Mr Zhou said.

“The suburb is projected to need more than 5000 new dwellings in the next decade and beyond, in order to accommodate the rising population, which has been a direct result of significant public and private investment into health, education, retail and commercial initiatives in recent years.”