This article is from the Australian Property Journal archive
CAR park owner and operator Care Park is hoping for more than $25 million from the sale of nine Victorian and New Zealand assets.
The properties represent about 10% of its portfolio and are being offered individually or together, with long-term leaseback agreements.
They are located in Toorak Village, South Yarra, Abbotsford, St Kilda Road, Flinders Street in the Melbourne CBD, and in major Victorian regional cities.
CBRE’s Nathan Mufale, Scott Hawthorne, JJ Heng, and Scott Orchard have been appointed to market the properties via expressions of interest.
“The sites we’ve chosen to take to market are all strong performing businesses that will help us free up capital and underpin the next growth phase of the business globally,” Care Park’s managing director, Robert Belteky said.
The 25-year old business began with a single car park acquisition and now has operations in New Zealand, Malaysia, United Kingdom and Europe. Care Park’s majority shareholder is Far East Consortium, who have been listed on the Hong Kong Stock Exchange since 1972.
Mufale said investors are seeking assets with trusted covenants, providing certainty of income.
“We are witnessing investors seeking more attractive returns than they can achieve in the bank and other comparable investments. Car parks are sound investments, they require such low levels of CAPEX and ongoing maintenance.”
Interest is expected from a range of international and local buyers.
The campaign closes in May.
