New Woolworths Potts Point premises sold

New Woolworths Potts Point premises sold
New Woolworths Potts Point premises sold

New Zealand investor Brian Cook has secured the $16.3 million retail component of the new Omnia residential development in Potts Point.

The Woolworths Omnia centre comprises the 1,190sqm retail component of the new Omnia residential development, anchored by a 15-year prelease to Woolworths. 

It is directly opposite Coles and close to Harris Farms outlet.

CBRE’s Nick Willis negotiated the sale on a yield of close to 5 percent with colleagues Justin Dowers and Sharon Yang.

The Omnia sale is subject to Woolworths not exercising a final right of refusal to acquire the property where it plans a new format Metro store.

Woolworths has been operating from the Ikon basement on Macleay Street, with its future in doubt, but Woolworths is coy on giving its rivals any indication of its formal intent.

"We ensure our Metro stores are all in locations which are convenient for our customers to easily access given their busy lives and we look forward to launching in the area by 2018."

The Auckland-based investor Ben Cook has taken his Australian retail property buying spree over the past nine months to over $100 million.

The Cook Property Group also acquired the Beach House Lane retail centre on Bondi Beach for $31 million and the Bunnings warehouse in Sydney's Eastgardens for $56 million last October.

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.

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