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Malaysian-backed developer Beulah International has taken over the BMW site on the fringe of Melbourne CBD in a $101,008,888 deal.
It is the biggest development land deal in central Melbourne this year, although BMW could have sold for an even higher price in a pure divestment play.
Instead, the German car maker has struck a preferred partner-style deal with Beulah to retain its presence on the landmark site in Southbank in any subsequent development.
It is expected BMW could secure a dealership of 2000 square metres or more on the 6061 sq m site as it transforms its business to adapt to changing demands of the car market.
"While many different buyers had more straightforward visions for the site, we have chosen Beulah due to their proven capabilities and commitment to innovation and exemplary design; values which closely align with that of BMW," said BMW Australia chief executive Marc-Heinrich Werner.
"This development will showcase the latest BMW technologies that will redefine how people live and travel."
Beulah is already a busy player in the Melbourne market and has secured complex development deals on tightly held city sites.
In September last year it ran the gauntlet of a volatile member base to lock in a $25.6 million development deal for the 140-year-old premises of the Celtic Club.
"The BMW Site is Beulah International's most significant acquisition to date and, as such, our vision for the site is to create a groundbreaking concept never before seen in Australia," said principal Jiaheng Chan.
Architects Fender Katsalidis have worked up a scheme for two towers joined by a sky-bridge, potentially comprising 800 apartments, 550 hotel rooms and 10,000 sq m of commercial space.
With approaches from developers already coming in the door, BMW appointed CBRE's Mark Wizel, Josh Rutman, Julian White and Lewis Tong to broker the site.
"This was a truly remarkable opportunity for our team to engage with a client who had a specific vision they wanted to see achieved, a vision far beyond merely exchanging a contract of sale with the highest bidder," Mr Wizel said.
Malaysian developers have made a strong showing in Melbourne, including SP Setia, whichtook over a large site on Exhibition Streetfrom Telstra in a $101 million deal last year.
It is planning a $500 million twin-tower hotel and apartment complex on the site
Near to the BMW site, Malaysia's OSK Property has won approval for the first stage of a $2.8 billion mixed-use project in Melbourne's Southbank.
The BMW site could yield a $2.5 billion development for Beulah, which has the backing of offshore lenders.