MELBOURNE: Property developer UEM Sunrise Bhd is planning a mixed-use development for its latest land acquisition in Australia. The 5,390 sq m parcel, located at 21-53 Hoddle Street, Collingwood, was purchased from Jowett Properties for AU$43mil. The site is currently home to a Melbourne auto dealership.
Following the success of its Aurora Melbourne Central and Conservatory projects, the acquisition of the landmark Collingwood site signals a new chapter in Melbourne for UEM Sunrise.
The new site forms part of a broader expansion strategy for UEM Sunrise and continues its active presence in the Australian market, said UEM Sunrise CEO Anwar Syahrin Abdul Ajib.
The Melbourne commercial and residential sector continues to remain strong despite challenges presented from the Covid-19 pandemic, with the Victorian Government committed to ongoing development and approval of shovel-ready projects, he said.
(Caption: “Collingwood has evolved into a go-to residential and commercial precinct, thanks to its close proximity to the CBD, vibrant café culture and wonderful sense of community,” said Anwar.)
The sale was brokered by Oliver Hay and Peter Bremner from Colliers International in conjunction with Raff De Luise from ICR. “This acquisition is a perfect example that well known and sophisticated capital remain active and see positive fundamentals in both the Melbourne residential and commercial property markets,” said Hay.
“Over the past few weeks, we have noticed a return in confidence in sales activity, particularly by highly experienced property players who are continuing to make new acquisitions in the Melbourne market,” he added.
“The Collingwood suburb profile clearly ticks those core fundamentals, including its close proximity to CBD, education and transport, as well as a thriving working-age population which has attributed the suburb with a newborn status as the emerging office and residential precinct,” Hay explained.