Fifty share cars have been added to Beulah International’s $2.7-billion Sth Bnk project in Melbourne as demand for new vehicles plummets at its fastest rate in 30 years.
New car sales declined 48.5 per cent year-on-year in April, marking the 25th consecutive month of declining new car sales, according to the Federal Chamber of Automotive Industries.
Owning car yards as a property asset was also on the decline with many sites in the CBD and fringe suburbs being eyed off for future commercial and residential developments.
This includes the Beulah site, which currently houses a BMW showroom.
Meanwhile, the developer is upping the ante for both residents and sustainability targets in the lead up to construction of its two Melbourne towers in 2022, which will feature the world’s tallest vertical garden.
The towers will create 50,000sq m of office space, five private residence collections, a 210-suite resort, entertainment centre and wellness precinct.
The Sth Bnk residents’ car club will work in a similar format to a traditional car sharing model, with the added perks of an on-site maintenance and chauffeurs on request.
BMWs, Teslas, Porsches and Range Rovers will be in the fleet, which will be all electric vehicles by 2030.
Beulah managing director Jiaheng Chan said the service would cater to ever-evolving lifestyle choices, one that puts sustainability and technology at the front of mind.
“Sth Bnk is centrally located and boasts a walk score of 98, meaning a car is not a necessity,” Chan said.
“By providing residents with access to the Sth Bnk Auto Club, they can still enjoy the luxuries and freedom a car offers without the associated costs of car ownership, and in the process, can experience a range of different cars—depending on their mood or needs.”
Earlier this year Beulah purchased another property on City Road, Southbank to increase the podium of its flagship project.