A family-owned strip of retail shops in Box Hill has been listed for sale for the first time in more than four decades.
CBRE has been appointed to market the collection of properties, located at 941 – 947 Whitehorse Road, which comprise three retail tenancies, home to Yao’s Chinese Therapy Centre, ShaanXi Style Restaurant and Hao’s Oriental Grill Bar.
Occupying a 917sqm site, the properties are expected to generate investment interest of more than $8 million.
CBRE’s Victorian Development Sites team, consisting of Chao Zhang, Scott Orchard and David Minty, have been exclusively appointed to market the site via an Expressions of Interest campaign.
“The long family history and location of this asset is expected to attract the attention of investors, developers and landbankers who recognise the value of prime real estate in this location,” Mr Orchard said.
CBRE’s Chao Zhang said Box Hill’s attractive mix of transport, education, retail and lifestyle amenities would fuel investment interest.
“Box Hill continues to be a desirable investment and development location, with interest from both local and offshore Asian buyers. Many of these prospective buyers have identified its growth potential given the limited supply of high density land in the area.”
The sale campaign for 941 – 947 Whitehorse Road follows the recent transaction of 25-29 Ellington Parade in Box Hill, selling for just under $11 million to a Chinese developer.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.