Woolstores in Sydney’s Alexandria has been been put on the market.
With the long lease expiries, and a high profile tenant mix, the property is expected to draw interest from investors around the nation and throughout the world.
The recently regenerated 9,956 square metre complex features three individual ‘Woolstores’ as creative spaces. Although recently regenerated, the design preserves the heritage and authenticity of the property.
The complex is located in the heart of one of the largest urban renewal projects in Australia – Green Square.
Trumen Corporation engaged
Gray Puksand to complete the Concept Design and DA Documentation for the development of the site.
The industrial site was originally constructed circa 1940-1942, and formally comprised of woolstores, built along the frontage to Alexandra Canal. After being left vacant for over 20 years the sheds were in need of major renewal.
Gray Puksand worked closely with Trumen to identify exciting opportunities that would harness the changing local demographic and demand.
“To complement the resurgence of Alexandria as a vibrant locality affording a mixed range of uses and amenity, architecturally we took advantage of the key heritage qualities of this site.
"The new sheds echo the industrial form of its neighbours, with a rectilinear footprint and constructed in concrete," said Gray Puksand Partner Mr Scott Moylan.
The unique offering is being managed by JLL’s Head of Metropolitan Sales and Investments for NSW Sam Brewer, and Colliers International’s National Director of Industrial Michael Crombie, with pricing expected to exceed $50 million.
Mr Brewer said the Woolstores is an iconic Sydney site with historical value, and the regeneration has created stylish and creative spaces for users.
“We anticipate that the style, heritage and tenant mix will be key factors which will call out to investors.
In addition, the site enjoys a strong Weighted Average Lease Expiry (WALE) of circa seven years,” Mr Brewer said.
According to Mr Brewer, the amenities are another factor of appeal for prospective buyers.
“The site offers the benefits of an on-site childcare and café, with one parking space per 60 square metres of tenancy and close proximity to major public transport methods.
“Numerous Sydney Buses routes can be found nearby, and Green Square Station is located just 1.2 kilometres from the site with a direct train line into the Sydney CBD.”
Michael Crombie, Colliers International’s National Director of Industrial, said the site is becoming the fastest multi-tenanted, off-the-plan leasing estate ever in South Sydney.
“There is a firm case for future rental growth given the price points of areas nearby, including Surry Hills,” Mr Crombie said.
“Comparable creative office space, particularly in nearby areas such as Surry Hills, are increasingly showing leasing rates in the range of $600 to $700 per square metre.
“This illustrates a strong case for future rental growth for The Woolstores.”
Each ‘Woolstore’ features an eight metre high lobby incorporating past features with a new design.
The recycled floorboards and original exposed timber trusses, complement the polished concrete floors and waterfront decking.
The property is for sale via an Expression of Interest campaign.