MELBOURNE (March 8): The 308 Exhibition Street in Melbourne and 12-13 Birnie Avenue, Homebush in Sydney are up for sale.
According to Australia-based property services firm, Charter Keck Cramer (Charter) – who is serving as the transaction advisor – the 4,040 sq m 308 Exhibition Street is the largest divestment opportunity to be publicly offered for sale by Telstra Corporation Ltd (Telstra) in over a decade.
Charter expects many expressions of interest from both local and offshore developers and investors, said the group’s national director Nick Ashton.
“Larger-scale central business district (CBD) sites are predicted to become more sought after and in turn more valuable, as they don’t carry the building setback constraints of smaller sites,” he added.
According to appointed selling agent CBRE, Charter’s in-house research team and the architectural firm Bates Smart, the Melbourne site is ideal for a mixed-use development opportunity.
“The research team has advised us that an integrated retail podium and upper level residential and/or a combination of hotel and residential components is ideal,” Ashton added.
Meanwhile, the 3.15ha 12-14 Birnie Avenue, Homebush in Sydney has been identified as surplus to requirements with Charter undertaking a rezoning process for the past two and a half years.
According to Charter, the property forms part of the Carter Street Priority Precinct, a New South Wales government-endorsed rezoning initiative, allowing for the renewal of existing industrial land to a mixed-use of housing, employment and retail services.
“With The Goodman Group selling three adjoining tranches of land off-market in 2015, the Swire (Swire Cold Storage) site represents the final mixed-use and residential development opportunity within the Carter Street Precinct, one of Sydney’s fastest growing suburbs,” said Charter’s national executive director Clint Jellis.