This article is from the Australian Property Journal archive
MALAYSIAN-backed developer Beulah has secured the BMW Southbank dealership site for $101,008,888 from the German car manufacturer, marking the largest development site deal of 2017 for inner Melbourne.
The triple-fronted 58 Southbank Boulevard site encompasses 6,061 sqm, of which around 2,000 sqm will be utilised for a new BMW dealership.
CBRE marketed the site with a development scheme designed by Fender Katsalidis, comprising two towers with more than 800 apartments, 600 hotel rooms and 10,000 sqm of retail space.
“It provides an opportunity to create a landmark development that will potentially comprise of retail, hotel, residential, commercial and public space that is of a world class standard,” Beulah principal, Jiaheng Chan said.
More than 20 offers were received for the property, which is positioned near Malaysian group OSK Property’s $2.8 billion mixed-use project Melbourne Square.
Australian Property Journal
