Jowett Motor Group set for $40 million-plus payday with listing of prominent Collingwood car dealership
Jowett Motor Group can expect more than $40 million from the sale of one of Melbourne’s highest profile car dealerships.
The Collingwood property at 21-53 Hoddle Street occupies 5393 square metres of Commercial 1 zoned land, making it ripe for a larger-scale redevelopment with commercial and residential components.
At present it contains 15,000 square metres of area configured as a service centre and three modern car showrooms, occupied as dealerships for Honda, Nissan and Hyundai.
The main building on site (pictured, top) rises three storeys and includes a rooftop car park.
The land holding, with more than 270 metres of frontage to Hoddle Street, and on the south-west corner of Langridge Street, also accommodates an at-grade car park.
Jowett Motor Group is offering the property with a four year leaseback.
Managing director Tony Jowett said the disposal formed part of the company’s broader strategy to reinvest in the business and grow the group’s market share.
Mr Jowett is being represented by CBRE’s Mark Wizel, Josh Rutman, Julian White and Lewis Tong, with ICR’s Raff De Luise and Julian Materia.
Mr White said Collingwood’s population is expected to almost double over the next 20 years.
Mr De Luise said “there is plenty of positive activity in the area, which is expected to underpin strong interest in the site from investors, owner occupiers, developers and land bankers, all of whom can benefit from the property’s underlying attributes”.
Amongst some of Collingwood’s other recent developments:
- US-based Hines unveiled plans for a major timber office after buying a 2120 sqm site at 36-52 Wellington Street for $28.5 million in April;
- Tim Gurner snared Sydney-based hotelier Veriu to occupy part of a mixed-use complex earmarked for 23-33 Johnston Street (pictured, above). Gurner is also marketing apartments within a proposed residential complex at 1-57 Wellington Street;
- An office pre-committed to AESOP is under construction at 54 Wellington Street; and
- Pace is proposing both a residential and commercial project.
