Prime Industrial Parcel in Wollongong Being Sold by Former Cleary Bros Owners

A significant parcel of prime industrial land in a traditionally tightly held market of Port Kembla in Wollongong has hit the market for the first time in 30 years.

The 2.715-hectare property at 37-39 Five Islands Road consists of two titles with a total of 5,828sqm of gross floor area over five buildings including an administration building, museum and workshop warehouse buildings.

It has been owned and occupied by integrated construction service and supply company, Cleary Bros, for many years with the property serving as the company’s head office. With the recent acquisition by Maas Group of the business and many of the operating assets of Cleary Bros the site was surplus to the ongoing needs and subsequently is being placed on the market.

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.

It is being taken to the market via an Expressions of Interest campaign run by Ben Mostyn, Ben Churven and Orlando Maciel of Knight Frank.

Price expectations for the property are above $16 million.

Mr Churven said the Port Kembla facility was expected to be highly sought after by buyers during the sale 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,” he said.

“The Wollongong region is undergoing significant change, with prime industrial sites difficult to find, especially in close proximity to infrastructure, Bluescope and Port Kembla.

“Cleary Bros has been providing construction materials and services to the Illawarra region for over 100 years, having been first established in 1916, and this is first time this site has been offered for sale in more than 40 years.

“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.”

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 4pm (AEST) on Thursday, May 22.