Woolworths HQ at Bella Vista sold to Koreans

Woolworths HQ at Bella Vista sold to Koreans
Woolworths HQ at Bella Vista sold to Koreans

Mirvac Group has exchanged contracts for the sale of 1 Woolworths Way, Bella Vista for $336.45 million, representing a yield of 6.07 percent.

As part of the transaction, Mirvac Projects will remain responsible for the delivery (including cost) of a new multi-story carpark via a development management agreement.

The Woolworths headquarters at 1 Woolworths Way is located 30 kilometres north-west of the Sydney CBD within Norwest Business Park.

It is 100 per cent leased to Woolworths Limited until 2031 with Woolworths recently signing a new 15-year lease extension.

South Korean-based property investors, advised by Inmark Asset Management, bought the property which was marketed by Paul Noonan, Rob Sewell and Simon Storry of JLL and Graeme Russell, Ian Hetherington and Ben Azar of Savills.

It had a recent book value of $250 million before the new lease and before the envisaged car parking arrangement.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Woolworths Bella Vista

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