One of Australia’s largest car park owner operators, Care Park, is divesting a premium Victorian asset in one of the fastest growing regional cities – Ballarat.

CBRE’s Scott Hawthorne, Nathan Mufale & JJ Heng have been appointed to market the Central Square Car Park located at 25 Doveton Street on the corner of Dana Street via Expressions of Interest.

The investment is being sold with a leaseback in place to Care Park who will continue to operate the investment for the incoming purchaser.

This premium investment opportunity comprises 502 car spaces split over 12 levels, and is directly next to the largest shopping mall in The Ballarat CBD – Central Square Shopping Centre.

Care Park was established 26 years ago with only one car park acquisition and grown today with operations globally including 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. Australia is one of the most motorised countries in the world with most households having at least 2 cars if not more. Care Park’s operations park over 1million cars daily.

“Being named ‘Australia’s Parking Organisation of the Year’ in two of the last four years by industry body Parking Australia instills distinct levels of confidence in the business”, added Scott Hawthorne.

Mr Hawthorne said; “Investors are seeking assets with trusted covenants, providing certainty of income.”

“The freehold nature of the large landholding, combined with the income security offered by this recognised, trusted and market leading operator is appealing to buyers looking for a solid long term and low maintenance investment,” he added.

Mr Mufale said, “We are fielding interest from a range of international and local buyers, given the strength of the global brand and the favourable lease structure in place. This is in addition to enquiries from a variety of notable developers specialising in delivering landmark projects in Ballarat and the surrounding suburbs, all of whom recognise the long-term upside given the corner position and favourable commercial 1 zoning, providing a variety of development outcomes.

“We are witnessing investors seeking more attractive returns than they can achieve in the bank and other comparable investments. Car parks are sound investments given the significant existing improvements in place, they require such low levels of CAPEX and ongoing maintenance,” he added.

The City of Ballarat is set to experience a population boom with total forecast to increase to 144,000 by 2036, a growth of 39.36%.

The listing follows Care Park recently divesting three other Victorian car parks, selling 2-6 Mundy Street, Bendigo to notable developer McMullin Group, Sam Herszberg acquired the multi-level car park in Stewart Street, Shepparton, and Robert DiCintio of Trenerry Property Group snapped up the car park component of 360 St Kilda Road.

The City of Greater Geelong recently auctioned the multi-level car park at 21 Gheringhap Street, Geelong, attracting bidding from developers and landbank investors, resulting in a sale of $22.6 million, translating to over $45,000 per bay.

To request a copy of the Information Memorandum please contact one of the marketing agents CBRE’s Scott Hawthorne, Nathan Mufale & JJ Heng via the contact details below. 

Click here to view - Civic Centre Car Park Geelong sold by Colliers exceeds price expectations, selling under the hammer for $22.6 million 

Care Park Lists Care Park Ballarat Investment for sale by CBRE Melbourne Metropolitan Sales.