Prominent site for sale

Automotive giant BMW has put its Southbank showroom site on the market, complete with an impressive high-rise development scheme.

Marketed by CBRE, the 6191 sqm site at the corner of City Rd and Southbank Boulevard is expected to ignite global interest and is mooted to form part of a mixed-use development in a coveted corner position.

A highly advanced development scheme has been prepared by local architecture firm Fender Katsalidis, comprising two towers accommodating 800 apartments, 600 hotel rooms and 10,000 sqm of retail space.

The striking render provides an insight into what is possible on the site, which is part of a high-rise block already consisting Freshwater Place, Prima Pearl as well as Crown’s recently approved mega tower. Neighbouring Hanover House is also the subject of a high-rise application, while the next site along on Power St is also the subject of the 73-storey Freshwater 38 proposal.

BMW Australia CEO Mark-Heinrich Werner told the Australian Financial Review last month that BMW planned to lease back part of the site to secure a new look showroom as part of the sale.

CBRE real estate agent Mark Wizel said the project would help further enforce Southbank’s reputation as a destination of high quality high-rise development.

“Ultimately what investors are looking for is confidence and you couldn’t be more confident investing in the Southbank precinct,” he said.

“There is over $7 billion worth of public and private infrastructure investment within the future supply pipeline in Southbank through to 2021. This includes many commercial and mixed-use projects, which will add to the existing amenity of the area and will allow for more local jobs.”

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