UEM Sunrise has sold a proposed residential project affecting a series of car yards at the south west corner of Hoddle and Langridge streets, in Collingwood, to Greystar, via a funds through deal.
The US-based buyer plans to operate the property as a build to rent investment; with c400 dwellings – a mix of studio, one, two and three bedrooms – in two towers, the tallest rising 23 storeys, completion is expected by 2025.
Speculated to have an end value of over $200 million, the project will be the first of this type for the suburb.
The sale means a build to sell apartment proposal by UEM Sunrise is off the table.
With it, Greystar now has c3000 BTR units under construction or earmarked nationally (story continues below).
About 700 are within a multi-tower project taking shape on a South Melbourne site acquired from Chip Eng Seng for $65m in late 2020.
It is also proposing Melbourne assets of this type in Fitzroy and Kensington.
UEM paid Jowett Motor Group $43m for the 5390 square metre Collingwood site – 21-53 Hoddle St – in mid-2020; the property had for years been occupied by Honda, Hyundai and Nissan dealerships.
That deal was supposed to mark a change in strategy for the Malaysia based developer which to date here had delivered major skyscrapers including the 86 storey Aurora Melbourne Central at 228 La Trobe St.
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