Two Gladesville servos to make way for apartments

Two popular petrol stations on Victoria Rd at Gladesville are set to be transformed into residential developments as part of a major sell-off by leading fuel supplier Caltex.

The properties are part of 25 stores currently on the market to be sold either in groups, individually or in-one-line across Australia which includes sites in neighbouring Drummoyne as well as Bondi, Newtown, Mascot and Rose Bay.

The company had told investors in August it would sell a total of 50 petrol stations with a “higher value through alternative use”.

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David Bridger, Caltex Chief Development Officer, says the sites were identified in an extensive network review as they are located in attractive, high demand areas with strong growth opportunities.

The petrol at 287-295 Victoria Road is part of the major sell-off by Caltex

“They will appeal to a large number of prospective buyers who are looking at delivering a range of different end products into the inner metro markets,” he says.

One of the sites at 287-295 Victoria Rd, a level 2087sqm site on the corner of Stansell St, offers a higher density proposal with a B4 Mixed Use zoning and 19m height control in the area.

The other at 114-120 Victoria Rd comprises of a 1959sqm block also with a B4 Mixed Use zoning and a 19m height control.

The signboard outside the Caltex petrol station at Gladesville

Director Lincoln Blackledge from Stonebridge Property Group says the sell-off has attracted a strong number of inquiries with Caltex offering to demolish and remediate the sites ready for development. The petrol stations are being sold through an international expressions of interest campaign, which closed last week.

“Broadly speaking the reason these are have been selected is when the underlying land value exceeds the business value,” Blackledge says.

Gladesville local Russell Young says the loss of petrol stations will reduce competition and availability of field for locals driving along Victoria Rd.

Also up for sale is the petrol station at 116 Victoria Road, Gladesville

“Apart from changing the look and feel of the suburbs as we already like them, I think that most of the concerns that arise from the overdevelopment are those about not developing the infrastructure and services that need to cater for the extra population,” he says.

This article from the Hills Shire Times originally appeared as “Two popular petrol stations in Gladesvilles are set to be sold off by Caltex”.