19 June, MELBOURNE, AUSTRALIA – Leading Malaysian property developer, UEM Sunrise Berhad (UEM Sunrise or the Company), has acquired a prime development site at 21-53 Hoddle Street, Collingwood, for AU$43 million.
The 5,390 square metre inner east site was purchased from Jowett Properties and will be transformed into a mixed-use development by UEM Sunrise. The site is currently home to a Melbourne auto dealership.
UEM Sunrise Managing Director and CEO, Anwar Syahrin Abdul Ajib, said the company was thrilled to secure the sought-after site and embark on its next project in the Australian market.
“Following the success of our Aurora Melbourne Central and Conservatory projects, the acquisition of the landmark Collingwood site signals a new chapter in Melbourne for UEM Sunrise and continues our active presence in the Australian market.
“There’s no doubt that 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. UEM Sunrise looks forward to bringing our development expertise and vision to the area, to deliver quality residences and commercial spaces for the Melbourne’s growing population and help stimulate job creation via the project’s delivery,” said Anwar.
The new site forms part of a broader expansion strategy for UEM Sunrise, Anwar also noted.
“The Melbourne commercial and residential sector continues to remain strong despite challenges presented from the global COVID-19 pandemic, with the Victorian Government committed to ongoing development and approval of shovel-ready projects. We are optimistic when it comes to strategic and well positioned opportunities,” said Anwar.
The sale was brokered by Oliver Hay and Peter Bremner from Colliers International in conjunction with Raff De Luise from ICR. Hay said: “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.
“We are delighted to welcome UEM Sunrise to the high-profile Collingwood site in what will no doubt be another sterling mixed-use project for the Company. 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.
“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,” said Hay.
UEM Sunrise most recently successfully completed its AU$800 million flagship Australian project, Aurora Melbourne Central, located in the Melbourne CBD. The residential component of the project had strong sales success, with 95 per cent of stock selling out within two weeks of launch and 100 per cent of the project sold prior to completion. Aurora Melbourne Central also achieved a 98 per cent settlement rate for its residences to date.