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.

Expected to sell for more than $40 million collectively, the six properties are being divested as part of Central Real’s strategy to focus on development financing.

The company will continue to develop one site per annum, maintaining a construction team to support the project. 

At a glance:

• A portfolio of six properties on the NSW Central Coast is being marketed for sale through Cushman & Wakefield.
• The properties are being divested as part of Central Real's strategy to focus on development financing.
• The company 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, which commenced on Wednesday, March 18.

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. 

Source: Cushman & Wakefield

Mr Bray said Central Real's strategic selection of the sites had removed the risk for investors.

“Mr Denny is widely regarded as having secured some of the Central Coast’s most coveted residential development sites spanning Gosford to Terrigal," he said.

“The success of Central Real’s completed developments with strong demand among local residents is testament to their position. 

“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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