- The site is located in Caringbah, in Sydney's south
- Pre-development and design work was undertaken by Coles
- Low property and rental listings in the area, with new apartments to boost supply
Property group, Conquest, has acquired a Caringbah apartment and retail site from Coles Group Property Developments for $44 million.
The 6,453 square metre site is some 27 kilometres south of the Sydney CBD and is only 200 metres west of the Caringbah train station. Caringbah is an affluent suburb, and the approved apartment scheme will offer expansive district and Port Hacking water views.
The site has development approval (DA) and an agreement for lease in place for a full-line 4,073 square metre Coles supermarket and Liquorland, six specialty shops, and 120 one, two, and three bedroom apartments.
Pre-development and design work undertaken by Coles is noted by CBRE to have helped drive 125 investor enquiries during the sales campaign, with 20 formal bids submitted.
Conquest CEO Michael Akkawi said the project will be an important addition to the area.
“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.”
CBRE Senior National Director, Retail Capital Markets, James Douglas, said the campaign garnered interest from those looking for a secure investment.
“The sales 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.”
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.”
The postcode 2229, including Caringbah, has seen a subdued level of property listings, with current levels well below the pre-pandemic peak.
According to the latest data from SQM Research, the postcode has around 152 properties listed for sale, while the pre-pandemic peak in late 2018, early 2019 was around 300.
Total property listings for 2229, including Caringbah
The number of properties available for rent is also well below pre-pandemic levels, with around 50 listings, compared to well over 100 prior to 2020; the vacancy rate for 2229 is 0.8%.
Weekly rental listings for 2229, including Caringbah
