The Cleary Bros head office in Port Kembla is up for sale. Photo: Supplied.
For the first time in 40 years, a major industrial landholding in Port Kembla – long held by Cleary Bros as the company head office – is up for grabs.
The 2.715-hectare property at 37-39 Five Islands Road consists of two titles with a total of 5828 sqm of gross floor area over five buildings including an administration building, museum and workshop warehouse buildings.
The site is being offered for sale following the recent acquisition of Cleary Bros’ business and operating assets by ASX-listed Maas Group.
No longer required for operations, this strategic site presents a unique opportunity for investors, developers or occupiers seeking a foothold in a blue-chip industrial location.
The Port Kembla asset sits on the high side of Five Islands Road overlooking BlueScope Steelworks, and is surrounded by main arterials providing excellent access in and out of Port Kembla from all directions.
Ben Mostyn, Ben Churven and Orlando Maciel of Knight Frank are taking the property to market via an expressions of interest campaign.
“Properties like this don’t come to the market very often, so we expect high demand from a range of buyers, including investors, developers and owner-occupiers,” Mr Churven said.
“The Wollongong region is undergoing significant change, with prime industrial sites difficult to find, especially close to infrastructure, Bluescope and Port Kembla.
“Wollongong’s Port Kembla is uniquely positioned to service the rapidly growing southwest markets of Sydney, and the connectivity to the new Western Sydney International Airport will drive a further uplift in industrial occupier demand in the area, especially from transport and logistics related users.”
Established in 1916, Illawarra construction management company Cleary Bros has provided construction materials and services to the Illawarra region for more than 100 years.
The company has a long history in the region, notably with its repeat participation in the Illawarra Convoy.
The business was sold for $172 million to Maas Group in January, and this is first time this site has been offered for sale in more than 40 years.
Price expectations for the property are above $16 million.
“The location is exceptional – very central with easy access to the amenity of the port and 10 minutes out from Wollongong CBD,” Mr Mostyn said.
“We’ll see interest from international, national and local parties to compete in the EOI, given its proximity to the global gateway of Port Kembla port.”
Mr Mostyn said investor demand for industrial assets across the Wollongong region remained strong off the back of solid foundations and a positive outlook for the sector.
“The Wollongong industrial market is experiencing a period of strong growth fuelled by the recent surge of e-commerce, a rising renewables sector and the continued success of major market leaders in the region such as BlueScope and NSW Ports,” he said.
“Due to the dynamic of the investor market and the select number of assets, the market remains tightly held and thinly traded.”
New infrastructure and projects in Port Kembla include the Port Kembla Gas Terminal, the Port Kembla Power Station and $2 billion in major projects for BlueScope in the pipeline.
The expressions of interest campaign for the property will close at 4 pm on Thursday 22 May – to enquire, call Ben Mostyn of Knight Frank on 0477 213 947.
