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Computing company Hewlett Packard Enterprise (HPE) is moving to divest the value of two of its biggest sites to allow for major development opportunities in Sydney and Melbourne.
The sites, HPE’s Rhodes campus in Sydney and Forest Hill campus in Melbourne, will ultimately provide an opportunity to monetise underutilised assets to allow for reinvestment back into the business, according to CBRE's Kelwyn Teo.
At the 3.43-hectare Rhodes site, HPE is seeking to partner with a leading Australian developer to rezone the property and -- in the process -- achieve mutual benefits through a forecast uplift in the site’s development potential and value.
At Forest Hill, HPE is pursuing an outright sale of the 5.7 hectare site, where the zoning already allows for a mixed-use development. However, the group will also seek to take a partial leaseback over the existing office building on the site, which has a net lettable area of 9,523 square metres.
HPE’s Rhodes campus in Sydney.
“The campaign provides a once in a decade opportunity to help drive a step-change in the development of Rhodes," Teo said.
"There is the potential to deliver new and varied housing choices, contemporary office space, key amenities and public domain to benefit the community, subject to the relevant zoning and planning approvals.”
HPE will seek to retain its presence on the site – firstly through temporary occupancy of the existing building, with a view to potentially occupying new office space once the site was redeveloped.
In Melbourne, HPE sought interest in 353-383 Burwood Highway – a property which offers substantial dual street frontages to Burwood Highway and Springvale Road, totalling close to 500 metres.
CBRE's Julian White said the site represents one of the largest and most significant landholdings in Melbourne’s eastern suburbs.
“The scale of the property will appeal to major private and institutional developers, both locally and throughout Asia, underpinned by its proximity to outstanding retail amenity, educational institutions and public transport.
Expressions of interest in both sites close 30 November, 2017.
Top image: HPE Forest Hill campus in Melbourne.
