There has been a huge amount of interest from developers in snapping up the Box Hill City Centre site at 29-31 Terry Road Box Hill which has been put on the market by receivers after the collapse of Toplace.
The 4.3ha site is being sold by Frank Knight and CBRE on behalf of Toplace receivers FTI consulting. The closing date for expression of interest this Tuesday, October 11th at 4pm.
No price has been mentioned in the advertising but the estimated value quoted in many areas in $600million. The Masterplanned site has development approval for a 22,843sq shopping centre and 660 apartments across nine residential blocks, 6 to 9 storeys high.
Knight Frank’s Mark Litwin said: “It is an asset that has drawn a lot of interest given its position within the precinct and the terms under which it is being sold.
“The site is currently improved with an active DA for a much needed shopping centre and 660 apartments.”
Existing works include site excavation, two levels of substructure (parking and loading) and the slap for the major retail anchor tenant.
When Toplace started marketing Box Hill Town Centre it listed the key features as: Coles, Liquor Land Supermarket, Chemist Warehouse a major medical/imaging precinct, approximately 479 Retail Car spaces and a major transport hub. In its marketing Frank Knight says the area is expected to be home to 30,200 residents by 2036
Hills Shire Council General Manager Michael Edgar told the Hills to Hawkesbury Community News he hoped work will restart on the important retail centre soon.
“Box Hill is growing every day, and our new residents are looking for places to shop or to grab a cup of coffee within a convenient distance from their homes or workplaces,” he said.
“The centre, if completed, will be a valuable addition to the community, providing benefits for day-to-day shopping, but also upgrades to roads and intersections in the vicinity. It’s an expected piece of social infrastructure for the surrounding community.
“It’s my hope that the administrator can find solutions and get this project back off the ground. In the meantime, I recommend the government looks to improve its consumer protection laws to safeguard individuals who are owed money or left with unfinished homes. This will help restore trust in the construction industry and provide meaningful protection to prevent similar situations from occurring in the future.”
Toplace collapsed owing over $1billion. Over 20,000 homeowners were affected by the collapse of the developer which had several highrise developments in the Hills including Atmosphere and Skyview at Castle Hill and Grand at Kellyville plus Watkins St Townhomes at Baulkham Hills.
*In December 2022 Frank Knight sold a 30.9 hectare parcel of land at 10-31 Terry Road Box Hill to WST Property Group for homes. The land is adjacent to the Box Hill City Centre site and was sold by the McCall Gardens Community Foundation to future proof the services it provides to the disabled community. The Foundation retained nearly 5 hectares of the parcel for existing community facilities and operations.