31
Oct

Two popular petrol stations in Gladesville are set to be sold off by Caltex

Two popular petrol stations on Victoria Road in Gladesville are set to be transformed into residential developments as part of a major sell-off by leading fuel supplier Caltex.

Two popular petrol stations on Victoria Road in Gladesville are set to be transformed into residential developments as part of a major sell-off by leading fuel supplier Caltex.

The properties are part of 25 stores currently on the market to be sold either in groups, individually or in-one-line across Australia, which includes sites in neighbouring Drummoyne as well as Bondi, Newtown, Mascot and Rose Bay.

The company had told investors in August it would sell a total of 50 petrol stations with a “higher value through alternative use”.

David Bridger, Caltex Chief Development Officer, said the sites were identified in an extensive network review as they are located in attractive, high demand areas with strong growth opportunities.

“They 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,” he said.

One of the sites at 287-295 Victoria Rd, a level 2087 sqm site on the corner of Stansell Street, offers a higher density proposal with a B4 Mixed Use zoning and 19m height control in the area.

The other at 114-120 Victoria Rd comprises of a 1959 sqm block also with a B4 Mixed Use zoning and a 19m height control.

Director Lincoln Blackledge from Stonebridge Property Group said the sell-off has attracted a strong number of inquiries with Caltex offering to demolish and remediate the sites ready for development. The petrol stations are being sold through an international Expressions of Interest campaign which closed last week.

“Broadly speaking the reason these have been selected is when the underlying land value exceeds the business value,” Mr Blackledge said.

Gladesville local Russell Young said the loss of petrol stations will reduce competition and availability of field for locals driving along Victoria Road.

“Apart from changing the look and feel of the suburbs as we already like them, I think that most of the concerns that arise from the overdevelopment are those about not developing the infrastructure and services that need to cater for the extra population,” he said.

 

Extracted from News.com.au