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Tony Denny’s Central Coast development portfolio hits the market for $40m+

20/03/2020

Central Real, the residential development firm owned by Tony Denny, has appointed Cushman & Wakefield to sell a portfolio of six development sites located on the Central Coast of New South Wales. The portfolio is expected to collectively fetch more than $40 million.

The move to divest six properties from its collection of fully owned development sites is part of Central Real’s strategy to focus on development financing. Central Real will continue to develop one site per annum, maintaining a construction team to support the project.

Cushman & Wakefield’s Anthony Bray has been appointed to manage the expressions of interest sale program for the portfolio, due to commence on Wednesday 18 March 2020.

Of the six premier sites located in Terrigal, Gosford and Point Frederick, five have development approvals already in place. The most advanced of the sites, the Lumiere Project located in Point Frederick, is being brought to market with $1.1m in council contributions already submitted and is cleared for construction to commence.

Cushman & Wakefield’s Head of Sales and Investments NSW, Anthony Bray, said: “Mr Denny is widely regarded as having secured some of the Central Coast’s most coveted residential development sites spanning Gosford to Terrigal.”

“Given these sites were strategically selected by Central Real, the risk for incoming investors and developers is significantly reduced. The success of Central Real’s completed developments with strong demand among local residents is testament to that.”'

“Most are in preeminent coastal locations and will be brought to market with development approvals already secured. Of these, the Lumiere Project in the highly sought-after suburb of Point Frederick is a walk-up opportunity that could begin construction tomorrow.”

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