The 5,393sqm Hoddle Street site, one of the biggest presented to market in Collingwood in recent history, benefits from a triple street frontage of more than 270 metres and offers a highly flexible Commercial 1 zoning. It currently comprises three car showrooms, a major car service centre and a substantial above ground car park, with a combined area of more than 15,000sqm.
Jowett Motor Group, an multi award winning dealer through its dealerships in Melbourne and Adelaide, is selling 21-53 Hoddle Street under a flexible lease back arrangement.
Managing Director Tony Jowett said the sale formed part of the group’s broader strategy to reinvest in the business and grow the group’s Melbourne market share.
“With an array of major developments recently completed, under construction or in the planning phase in Collingwood, we decided that now was the right time to capitalise on this market activity after several successful years in this location,” Mr Jowett said.
“By divesting the site, we can reinvest in our core business operations and consider future opportunities to enhance our market presence and customer service offering.”
Major developers such as Gurner, PACE, Hines and CBUS have all embarked on major high-density projects within one kilometre of the site.
ICR Property Group’s Mr de Luise said these projects had enjoyed strong sales success and tower height precedents had been achieved as the residential and commercial markets in Collingwood continued to mature.
“There is plenty of positive activity in the area, which is expected to underpin strong interest in the site from investors, occupiers, developers and land bankers, all of whom can benefit from the property’s underlying attributes,” Mr de Luise said.
CBRE’s Mr White added; “The growth experienced in the City of Yarra, and in Collingwood in particular, has been highly compelling. Over the next 20 years,
Collingwood’s population to expected to almost double, which will drive the need for future apartment projects to meet demand from the area’s growing young professional demographic.”
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