Australian/Korean investment and fund manager Inmark Asset Management is selling Woolworths' headquarters in Sydney.
CBRE and Colliers have been tapped to find a buyer for the 44,911 sqm (483,400 sq ft) site on 1 Woolworths Way, Bella Vista. The site is leased to Woolworths for at least another 10 years.
Set on nine hectares of land, the site comprises three separate office buildings, linked by a central atrium. The campus includes office space, an on-site Woolworths Metro supermarket, gym, café, sporting facilities, and what is described as “a significant data center.”
There is also around 28,000 sqm (301,000 qs ft) of commercial office floor area available to be developed.
“The asset is situated in the strategic North West Priority Growth Area, encompassing one of Sydney’s largest working populations,” CBRE’s James Parry said.
“It is positioned to capitalize on the newly opened Sydney Northwest metro line and the heightened focus on hub and spoke locations such as Norwest/Bella Vista, which offer high quality office accommodation, relative affordability, and multiple transport options.”
Inmark bought the supermarket property for a group of South Korean investors for AU$336 million (US$258 million) from Mirvac Group in 2016. While there is no listed asking price, CBRE said the property is the largest Sydney suburban office on offer since 2019, when Parramatta’s Jessie Street Centre traded for AU$415 million to Charter Hall and Singaporean sovereign wealth fund GIC and Chatswood’s Zenith Centre was acquired for AU$438 million by Starwood Capital and Arrow Property.
This is the second such Woolworths sale in 2021. Earlier this year Colliers and CBRE were listing 2 Woolworths Way, the company's 54,000 sqm (484,400 sq ft) distribution and logistics center, for sale.
Last year Woolworths announced it was utilizing Dell for its on-premise private cloud solutions, housed across two data center facilities in Sydney and managed by Dell.