Despite the backdrop of Brexit, a federal election and possible changes to negative gearing, Savills director Clinton Baxter confirmed 826-830 Whitehorse Road sold days after he closed an expressions of interest campaign late last month and following strong competition from numerous builders including others that are China-based.

The 2650-square-metre block sale prices the land at about $12,000 per sq m, a new suburban record and a value until only a few years ago reserved solely for CBD and Southbank sites.

Box Hill is on track to becoming Melbourne's biggest suburban activity centre with 10 towers of more than 25 levels permitted or in the planning process.

Five of these skyscrapers have addresses on the south side of Whitehorse Road and the short block between Elgar Road and Nelson Road which provides an entrance to the Box Hill Central shopping centre and a train station.

Another 35-level tower is earmarked for 837 Whitehorse Road, a site that sold in May for $13 million. A similar-height building is proposed for 545 Station Street. At 517-521 Station Street, developer JTX Constructions recently released images of Oxbridge Rise, a village with three towers, two soaring 27 and 32 floors. Another site at 9-11 Prospect Street is the subject of a 26-level application.

Box Hill's tallest building is the near new 20-storey ATO building at 990 Whitehorse Road.

Mr Baxter said his deal is another example of neighbours teaming to make their sites more attractive to large developers. In this case, it is not-for-profit groups who are the beneficiaries offloading their low-rise offices: Navy Health, which is on 1078 sq m at No. 826 and Scope, at No. 830.

Mr Baxter said the decision to sell together secured each vendor a couple more million than if they had listed separately. He marketed the property with colleagues Nick Peden and Jesse Radisich.

AEU reworking riverside holdings

The Australian Education Union is shuffling staff around its $30 million-plus Abbotsford office compound, a move that will see it cash in as a landlord and possibly, in the longer term, a vendor.

The AEU has moved staff from a historic red brick office it has owned for years at 112 Trenerry Crescent, to No. 126 next door, a more modest low-rise office it acquired for $16 million in 2011

It is now focusing on profiting from 112 Trenerry Crescent, which is the subject of a council planning rezoning potentially allowing airspace and vacant land to make way for hundreds of flats.

Fitzroys agents Peter Weatherby, Martin Huang and Stephen Land are also seeking a short-term tenant, to lease up to 4060 sq m of the four-level building at No. 112, which has views over Dights Falls.

Both AEU offices have valuable Yarra River frontage and east-facing views to Studley Park that can't be built out.

Meanwhile late last month, a little further upstream, in Alphington, it is the end of a near century-old era with the Dunstone family finally selling the only home left in Parkview Road to the developer owners of the neighbouring former Amcor factory. For decades Amcor purchased and demolished every other house in the street leaving the Dunstone home isolated from the early 1980s. Domain today covers developer plans for the site, part of a village branded last week as Yarra Bend.

Ex Rove factory, Abbotsford, sells for $6.95m

A Melbourne family has paid $6.95 million for an Abbotsford property which made headlines in 2004 when it was part-destroyed by fire extinguishing equipment of then high-profile occupant, Roving Enterprises, directed by Rove McManus.

The 20-30 Mollison Street asset includes a 2023 sq m double-storey office warehouse on an 1844 sq m block marketed for its medium-term development potential. At present the investment returns annual rent of $313,411, in part from a subsidiary of the ASX-listed Spotless Group, meaning the deal was struck on a 4.5 per cent yield.

Roving Enterprises lost editing suites, props, film, tapes and part of its wardrobe from the $2 million fire, which broke on the corner of Nicholson Street.

CBRE's Josh Rutman, David Minty and Scott Orchard marketed the Abbotsford block.

Profitable post-election potential in Northcote

Regardless of the federal election result, Labor MP David Feeney can take comfort in the fact the Northcote home, which may have cost him votes, has enormously valuable redevelopment potential.

Despite the focus on the home being a renovation rescue – commercial agents recognise the Clarke Street address as a medium-density development proposal: four years ago the 900 sq m parcel was the subject of a five-level, $5 million-plus apartment application that didn't proceed.

Agent sources say the Northcote site could make way for something of a similar density today, being between High Street and the Merri train station.

Feeney paid $2.31 million for the property in 2013 but failed to declare it before nominating himself as an ALP candidate.

Piccolo buys North Melbourne site

Local developer Piccolo has paid $5.3 million for another inner-north site.

The 380 sq m block at 341-347 Queensberry Street, North Melbourne, includes a double-storey office returning annual rent of just over $65,000. Vinci Carbone Property represented Piccolo acquiring the site, which was marketed by Fitzroys Michael Ryan and James Gregson.

Piccolo recently completed a 17-level residential complex, Upper House, at 516-520 Swanston Street, Carlton, a property for years occupied by the Electrical Trades Union.

In May the builder paid Australian Volunteers International $7.8 million for a 1049 sq m Fitzroy site.

Hudson Conway sells Thurgoona block

Hudson Conway's Lloyd Williams is pocketing a speculated price of more than $10 million, successfully selling the opportunity to complete the Somerset Rise housing estate, in Albury's Thurgoona, at the Victoria-NSW border.

The about 42-hectare estate has delivered 76 houses but still has 339 undeveloped plots. The average block in the estate has sold for $132,500.

Hudson Conway was founded by Lloyd Williams and Ron Walker in the 1980s. Lloyd's son, Nick, is now an executive. It listed the site in April to focus on larger scale projects closer to the Melbourne CBD.

Last month, the developer sold its 248-250 Sturt Street headquarters for more than $10 million after obtaining a 16-level, 91-unit residential redevelopment permit. CBRE's Mark Wizel, Julian White and Tim Grosmann marketed the Thurgoona site for the Williams family.

Email: marcpallisco@gmail.com

Twitter: @marcpallisco