Telstra has offloaded two suburban landholdings following a highly competitive expressions-of-interest campaign among local and offshore developers, demonstrating the ongoing demand for new project sites in Melbourne’s east.

The properties at 28-30 Cambridge Street, Box Hill, and 18-20 Warwick Avenue, Springvale, sold for $9.35 million combined.

Savills Australia’s Nick Peden, Jesse Radisich and Benson Zhou brokered the deals, with Charter Keck Cramer acting as transaction manager.

“Exceptional interest was generated in both opportunities,” Mr Peden said.

“Despite some complications surrounding the potential development of both sites, with various easements and encumbrances, we were able to effectively navigate these obstacles and work with prospective purchasers to appease any concerns.

“Ultimately, we secured very strong prices for each site.”

Mr Radisich said the Box Hill sale represented a land rate of almost $8,000/sq m, which was significant given the likely height limits.

“The development has potential to reach a height of circa 10 to 12 levels,” he said.

Savills has now transacted seven sites in December, for a total of more than $45 million.

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