Fuel and convenience store giant, Caltex Australia, has swung into the limelight with the listing of 25 individual petrol station sites for sale.
The move was highlighted in their half-year results published in August, and are expected to generate around $120 million for the company.
The properties, which are placed predominantly on the east coast, have been entrusted to CBRE and Stone Bridge who have recently announced them to the public. 16 properties in NSW, seven in Victoria, one in WA, and one on the Gold Coast, mark out the first half of a 50-property divestment strategy.
"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.” CBRE Director of Investments, Mark Wizel, said.
"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.”
Some of the locations identified with significant appeal include Surfers Paradise, Bondi, Mascot, Brunswick East, Box Hill, and Perth.
Caltex chief development officer David Bridger noted the sites’ potential for apartment and mixed-use development, stating that the first tranche all offer superb locations 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 Wizel is in complete agreement saying that “it wouldn’t surprise me if a group like Mirvac stepped up and bought the portfolio.”
Caltex is also set to remediate all properties to reduce concern for those investors who do not wish to retain a worrying environmental legacy.
The properties are offered for sale individually, or batched, with price expectations ranging from $1.5 million to $12 million. The sizes of the sites range from 1,200 to 2,000sqm.
You can find information on all 25 properties online at DevelopmentReady.com.au (view below) – enquire promptly to receive further information.
THE CALTEX PORTFOLIO
New South Wales
Gladesville – 114-120 Victoria Road
Gladesville – 287-295 Victoria Road