City Mazda Zoom Zooms Out of CBD

The move paves the way for City Mazda site owner, and notorious land banker Drapac, to proceed with plans to redevelop the site into a 62,000 square metre office development, comprising three interconnecting campus style low rise buildings. It paid $23 million for the site from the Sutton Group in July 2005.

Drapac property director Ashley Wain denied speculation it would onsell the property as a development site, saying it still plans to develop the offices once it snares a tenant pre-commitment.

Many major office tenants in the market for space over the past twelve months, have opted for offerings in Docklands, leaving developments in the CBD and Southbank begging.

Drapac is land banking three other disused inner-city car showrooms including the former City Ford site on Elizabeth Street, the former Collins Mitsubishi site and the former Mercedes Benz dealership, both of which are in Southbank.

Gross Waddell director Joseph Carbone relocated City Mazda into a 6700 square metre “state of the art” dealership on the former RJM Imports site in Montague Street.

Mr Carbone said RJM Imports, which owns the site, will move from owner occupier to landlord, after it relocated its warehouse requirements.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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