Developer Tindale Property has listed two-freehold land parcels along Australia’s busiest road stretching between Sydney and Newcastle, with price expectations for the pair around the $15 million mark.
The vacant 38.6-hectare twin sites, with development approval to be converted into Twin Service Centres, are listed by Cushman & Wakefield, who expect the site to generate an end value of more than $75-$85 million when operational.
Tindale Property director Nick Perks, who acquired the privately-owned land parcels more than 10 years ago, managed the project to reach approval stage.
Perks says the 130km stretch of the M1 Pacific Motorway between Sydney and Newcastle is currently only home to one service centre in each direction.
The northbound site located at 264-266 Newport Road Cooranbong comprises 25.79 hectares of freehold space, and the southbound site located at 101 Hawke Mount Road Dora Creek spans 12.89 hectares.
Based on the interest received during the planning phases from both fuel and retail operators, Cushman & Wakefield NSW head of sales and investments Anthony Bray said the combined net income on a fully leased basis is estimated at around $5 million per annum over a minimum lease term of 20 years.
“Identifying and securing land parcels suitable for large scale service centres along New South Wales’ busiest highways has become increasingly difficult due to the diminishing availability of suitable sites.”