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MALAYSIAN-backed developer Beulah International has bought Melbourne's BMW Southbank in a deal valued at more than $100 million.
The sale marks Beulah's most significant acquisition in Melbourne to date, one which the developer plans to turn into a mixed-use space according to principal Jiaheng Chan.
"What attracted us to the BMW site was simple," said Chan.
"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."
The redeveloped Southbank site also includes plans for a flagship BMW dealership, one which BMW Australia will develop in tandem with Beulah.
The sale comes just over a year after Malaysian developer SP Setia paid $101 million for a Telstra site on Exhibition Street in the CBD.
It represents the highest dollar value inner metropolitan development site transacted in Melbourne this year.
CBRE's Lewis Tong said Malaysian developers have been among the most active in recent months.
"Malaysian developers have been some of the most active participants in Melbourne's inner city, high density development projects, with active groups such as Mammoth Empire, UEM and OSK Property all currently delivering large scale, mixed use development across both the CBD and Southbank precincts," said Tong.
CBRE's Mark Wizel, Josh Rutman, Julian White and Lewis Tong negotiated the sale which attracted hot contest.
CBRE said BMW placed a high degree of emphasis on the buyer due to the nature of the site and its potential, plus the fact BMW has occupied the site for more than two decades.
"Whilst 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 CEO Marc-Henrich Werner.
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