Landmark inner-city home of prominent Melbourne car dealerships to be offered for international sale
The landmark Hoddle Street home of the Collingwood Honda, Nissan and Hyundai dealerships is to be offered for sale on behalf of Jowett Motor Group.
24 Jul 2019
The international Expressions of Interest campaign will be managed by CBRE’s Mark Wizel, Josh Rutman, Julian White and Lewis Tong, in conjunction with ICR Property Group’s Raff de Luise and Julian Materia.
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.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.