This article is from the Australian Property Journal archive
AFTER 95 years of ownership, the Kerr and Shacks family is selling its Holden and HSV dealership site in Fremantle, unlocking more than 11,000 sqm of recently zoned for high-density residential development.
Located at 50-60 and 62-68 Queen Victoria Street, the 11,038 sqm property has long been a home of auto operations, including a Chevrolet dealership from 1934, Holden dealership from 1948, and most recently the Holden/HSV dealership since 1988.
As part of the City of Fremantle’s planning strategy, the freehold sites have recently been rezoned for high density residential development.
CBRE’s Ben Younger and Michael Milne are handling the expressions of interest campaign, which closes 16th May, with the property offered subject to a leaseback to Shacks Holden/HSV until its relocation to Cockburn Central between 2021-2022.
Younger said the property represented an outstanding development opportunity in one of Perth’s most sought-after locations.
“The site is ideal for future residential development, being located adjoining the award-winning ‘Heirloom’ project and adjacent ‘Liv’ apartments,” Younger said. “It offers a tremendous outlook over Fremantle harbour and beyond, while still being convenient situated nearby the greater amenities of Fremantle.”
Shacks Holden/HSV chairman Doug Kerr said the decision to sell was bittersweet, with the family company embedded in the Fremantle community for almost an entire century.
“We have enjoyed our time with the Fremantle community, however, it was inevitable that a day would come when the cost of marketing and servicing of Holden and HSV vehicles from an inner-city location would not be viable.”
He said the move to a more purpose-fit site in a commercial hub such as Cockburn Central provided an opportunity to fulfil customer’s expectations better.
City of Fremantle Mayor Brad Pettitt said the “important site is a key entry point to central Fremantle”.
“This development will be another major step in an area already undergoing an exciting transformation from what were predominantly low-rise motor vehicle sales to being a desirable residential precinct mixed in with some great restaurants and cafes and other commercial uses.”
Australian Property Journal
