Melbourne's Jowett Motor Group has offloaded its inner-city Collingwood site to a developer for $43 million with plans in place for a mixed-use development.
UEM Sunrise snapped up the 5,390sq m site, one of Melbourne's well-known car dealerships.
Jowett Properties, led by businessman Tony Jowett, listed the site in July last year with expectations of at least $40 million.
Jowett had picked up the 21-53 Hoddle Street Collingwood site in 2008 for $4.6 million.
Publicly listed in Malaysia, the company's chief executive Anwar Syahrin Abdul Ajib said the Collingwood purchase forms part of the UEM's broader expansion strategy in Australia.
“There’s no doubt that Collingwood has evolved into a go-to residential and commercial precinct, thanks to its close proximity to the CBD, vibrant café culture and sense of community,” Ajib said.
Ajib said Melbourne’s commercial and residential sectors continue to remain strong despite challenges presented from the pandemic, deferring to the state government’s commitment to “shovel-ready projects”.
“We are optimistic when it comes to strategic and well-positioned opportunities,” he said.
Colliers International’s Oliver Hay and Peter Bremner in conjunction with ICR’s Raff De Luise brokered the sale.
“Over the past few weeks we have noticed a return in confidence in sales activity, particularly by highly experienced property players,” Hay said.
The Malaysian property developer is wholly-owned by Khazanah, the investment fund of the Malaysian government.
UEM Sunrise recently completed its $770 million Aurora tower project at 224-252 La Trobe Street in Melbourne CBD, and has 30 acres of joint venture beachfront development land in Durban South Africa.
Source: The Urban Developer: https://theurbandeveloper.com/articles/uem-collingwood-jowett-motor-?utm_source=TUD+Master+List&utm_campaign=7afa1e370c-EMAIL_CAMPAIGN_2019_07_03_11_11_COPY_01&utm_medium=email&utm_term=0_9f25b32131-7afa1e370c-188414071