Coles Group Property Developments has sold a high-profile mixed-use apartment and retail site in Sydney’s south for $44 million to facilitate the development of a new best-in-class supermarket.
Property group Conquest snared the Caringbah site following a highly competitive sale process handled by CBRE’s James Douglas and Ben Wicks.
Conquest CEO Michael Akkawi says the project will revitalise the Caringbah precinct.
“Conquest is honoured to deliver a high-class landmark for the local community in Caringbah. The new precinct will provide much-needed amenities, specialty shops, and quality residences.
“Our philosophy is based on the enrichment of life and that our developments inspire and enhance communities. Conquest has decades of experience delivering high-quality mixed-use residences and retail projects.
“We’re delighted this deal with Coles further enhances our proven track record for delivering best-in-class projects, and this project solidifies our strong contribution to the Sydney property market.”
The Caringbah site has Development Approval and an Agreement for Lease in place for a full-line 4,073m2 Coles supermarket and Liquorland, six specialty shops, as well as 120 one, two and three-bedroom apartments.
James Douglas, CBRE Senior National Director, Retail Capital Markets, said, “The sale campaign generated national interest from leading retail and residential developers, who were attracted by the de-risked nature of the opportunity, via the Coles pre-commitment and planning approval, and the enhanced returns the apartment component will deliver.”
The tightly held Caringbah market is well connected via infrastructure, which has had a positive influence on residential prices and the area’s historic retail performance.
Located 27km south of the Sydney CBD, the 6,453m2 Coles site benefits from a high-profile location in the tightly held and affluent suburb of Caringbah and is located only 200 metres west of the Caringbah train station. The approved apartment scheme will offer expansive district and Port Hacking water views.
The pre-development and design work undertaken by Coles helped drive 125 investor enquiries during the sale campaign, with 20 formal bids submitted.
Ben Wicks from CBRE’s Residential Developments team added, “The Sutherland Shire is expected to continue to experience residential price growth over the medium to long term, driven by its proximity to the city, lifestyle options and amenities.”
