Billionaire family sell Gosford holding
The Karedis family has sold a Gosford holding permit-ready for a mixed-use complex with two residential buildings, the tallest rising 24 levels.
The site comprises two properties – a fully leased office on 2211 square metres at 280 Mann Street and, next to that (#290-300), a car park, warehouse and row of shops covering 2806 sqm.
Interestingly, each sold to Sydney based buyers who will submit individual development applications.
Savills’ Andrew Palmer, Ollie Ridley, Steven Lerche and Nick Lower brokered the deal; the combined sale price is $12.1 million.
Billionaire vendor
Led by Theo Karedis, the vendor is worth about $1.13 billion, its wealth tied up in the Arkadia Property Services business, which owns 11 large format retail and neighbourhood shopping centres on Australia’s east coast and three hotels including the Sofitel Noosa Pacific Resort.
The family also holds the luxury Italian built superyacht Infinity Pacific.
In 2002, it sold the Theo’s Liquor bottle shop enterprise to Coles for $175m (story continues below).
The Karedis’ owned the Gosford holding for close to two decades.
“The sale reflects sustained demand for well positioned assets across regional NSW, even during Australia’s longest lock down period,” Mr Palmer said.
“The profile of enquiry ranged considerably with many parties looking at the investment fundamentals as a chance to diversify their current holdings, whilst developers saw the obvious opportunity in a growing regional centre,” he added.
About 70 kilometres north of Sydney, Gosford’s population is forecast to rise about 10,000 by 2031.
In June, we reported IP Generation picked up the area’s Imperial Centre – again on Mann St – as part of a $300m portfolio with five other shopping centres.
That vendor, Western Sydney Wanderers co-owner Paul Lederer, holds Gosford’s substantial Kibbleplex site, earmarked for a c$350m mixed-use project with five towers.
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