Caltex Australia has engaged CBRE and Stonebridge to put 25 properties to market in the first tranche of a 50 property divestment strategy.
The service station/convenience store properties -16 in New South Wales, seven in Victoria, one in WA, and one on the Gold Coast - will be sold via an Expressions of Interest campaign with purchasers having options to buy individual sites, sites in any combination or the offering as a whole
Locations include Surfers Paradise, Bondi, Mascot, Box Hill, and Perth and have been identified as excellent alternate use value given proximity to key roads and cities.
CBRE Director Investments, Mark Wizel, who is managing the marketing campaign with Julian White and Stonebridge director, Lincoln Blackledge said the portfolio offered a timely opportunity for apartment, mixed use, retail, hotel and build-to-rent developers.
"These sites are being offered at a time of strong ongoing demand for low to medium rise apartments which are now in short supply, due to the lack of development site opportunities within metro areas, particularly in Melbourne and Sydney.
"The fact that the bulk of the sites are extremely well located to transport, schools and town centres make them ideal for apartments but for the same reasons they are also well suited to a range of other uses," Mr Wizel said.
He said the offering had also come at a time when developers were looking to the suburbs for well-located low/medium rise opportunities.
"Coincidentally those type of projects are ones which the banks are now much more amenable to providing funding for," Mr Wizel said.
He said market drivers such as the improving domestic residential clearance rate, low interest rates, and ongoing population growth would also be top of mind for prospective purchasers.
The properties, he said, were likely to attract a lot of interest from local developers as well as overseas developers looking to consolidate their position in the Australian market.
Recent CBRE research revealed an almost 30 per cent rise in Asian buyer’s total spending from $880million in 2017/2018 to $1.135 billion over the 2018/2019 financial year in Melbourne alone with nearly 80 per cent of investment sales since June 1/2019 involving Asia-based investors.
Caltex Chief Development Officer, David Bridger, confirmed the strategic release of the first tranche of the sale of 50 freehold metropolitan sites was aimed at the apartment and mixed use market.
"These sites are ideal for low to medium rise apartment development, located in attractive, high demand areas with strong growth opportunities.
"They also possess long-term development prospects which will appeal to a large number of prospective buyers who are looking at delivering a range of different end products into the inner metro markets," Mr Bridger said.
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