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GENERAL PROPERTY

Jowett Motor hoping to drive away with $40m

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JOWETT Motor Group has lobbed 5,400 sqm of Commercial 1-zoned land in Collingwood to the market, hoping to take advantage of the massive development activity occurring through the inner Melbourne suburb.

CBRE’s Mark Wizel, Josh Rutman, Julian White and Lewis Tong, in conjunction with ICR Property Group’s Raff de Luise and Julian Materia, are marketing the adjoining Honda, Nissan and Hyundai dealerships on busy Hoddle St.

Expectations are north of $40 million.

The 5,393 sqm site is one of the biggest offered for sale in the suburb, which is well on the gentrification attracting major residential and office developments. Developer Tim Gurner has just sold two penthouses at his high-end Victoria and Vine project for $7.5 million and $6.75 million, deals never previously linked to the traditionally industrial suburb.

Jowett Motor Group is offering 21-53 Hoddle St with a four-year leaseback. The site has three car showrooms, a major car service centre, and above ground car park with a combined area of more than 15,000 sqm, and has a triple street frontage of over 270 metres.

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,” Jowett said.

Within one kilometre of the site, global real estate firm Hines intends to develop a $200 million timber office building on Wellington St, Grocon’s $120 million, 13-storey Northumberland project is scheduled for completion in 2020, Cbus has nearly finished the multi level residential project Holme, and Pace Development Group has recently completed its Pace of Collingwood project, and is building a $25 million 10-storey office building across the road at 51 Langridge St.

ICR’s 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.”

White said the growth experienced Collingwood’s population to expected to almost double over the next 20 years, which would drive the need for future apartment projects to meet demand from the area’s growing young professional demographic.