Relocation of Shacks HoldenHSV paves way for premier development opportunity in Fremantles east end
Relocation of Shacks Holden/HSV paves way for premier development opportunity in Fremantle's east end
| 3 April 2019
The relocation of Fremantle’s iconic Shacks Holden/HSV dealership has unlocked an opportunity to acquire more than 11,000sqm of prized real estate in the emerging east end precinct.
Located at 50-60 & 62-68 Queen Victoria Street, the 11,038sqm property has been owned by the Kerr & Shacks family for more than 95 years - home to several automotive operations in that time, including a Chevrolet dealership from 1934, Holden dealership from 1948 and most recently the Holden/HSV dealership since 1988.
The freehold sites have been rezoned for high density residential development as part of City of Fremantle’s planning strategy.
CBRE’s Ben Younger and Michael Milne have been appointed to manage the sale via an Expressions of Interest campaign. The property will be subject to a lease back to Shacks Holden/HSV until its relocation to Cockburn Central between 2021-2022.
Mr Younger said the property represented an outstanding development opportunity in one of Perth’s most sought-after locations.
“The site is ideal for future residential development, being located adjoining the award-winning ‘Heirloom’ project and adjacent “Liv” apartments. It offers a tremendous outlook over Fremantle harbour and beyond, while still being convenient situated nearby the greater amenities of Fremantle,” Mr Younger said.
“Fremantle is an exciting and evolving precinct undergoing immense transformation -becoming an increasingly vibrant place to live. This strengthening appeal is expected to underpin competitive buyer interest from a range of groups.”
Shacks Holden/HSV Chairman Doug Kerr said the decision to sell was bittersweet, with the family company embedded in the Fremantle community for almost an entire century.
“We have enjoyed our time with the Fremantle community, however, it was inevitable that a day would come when the cost of marketing and servicing of Holden and HSV vehicles from an inner-city location would not be viable,” Mr Kerr said.
“The relocation of Shacks Holden/HSV to a more ‘purpose-fit’ site in a commercial hub such as Cockburn Central provides an opportunity to fulfil our customer’s expectations better.”
City of Fremantle Mayor Brad Pettitt commented on the potential the site’s sale created: “This important site is a key entry point to central Fremantle. This development will be another major step in an area already undergoing an exciting transformation from what were predominantly low-rise motor vehicle sales to being a desirable residential precinct mixed in with some great restaurants and cafes and other commercial uses.”
The property is being offered for sale via Offers to Purchase Invited closing Thursday 16th May 2019 at 3pm AWST.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.