The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
LESS THAN 30 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
4 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
Real EstateStaff WriterMon 18 Jan 16

Mirvac Exchanges $336m Contract For 1 Woolworths Way

7

Mirvac Group has announced that contracts have been exchanged for the sale of 1 Woolworths Way, Bella Vista, NSW for a total consideration of $336.45 million, representing a yield of 6.07 per cent.

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.

1 Woolworths Way is located approximately 30 kilometres north-west of the Sydney CBD within Norwest Business Park, and is 100 per cent leased to Woolworths Limited until 2031. Woolworths recently signed a new 15-year lease deal which is expected to commence in August 2016, following completion of the multi-story carpark.

Completion of the transaction is subject to conditions precedent, including regulatory approval. Settlement is expected in February 2016.

The property was marketed by Paul Noonan, Rob Sewell and Simon Storry of JLL and Graeme Russell, Ian Hetherington and Ben Azar of Savills.

Speaking to The Australian Financial Review, JLL's Paul Noonan said the asset attracted significant interest from offshore investors.

"The sale of the Woolworths HQ shows a continued trend of Korean capital seeking long leased Australian assets.

"With continued uncertainty in global equities markets, we believe core Australian real estate will continue to attract significant global interest, particularly in Sydney where leasing fundamentals continue to improve ."

RetailAustraliaReal EstateDeal
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
View All >
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
Sponsored

HCP: Real Projects, Real People, Real Returns

Partner Content
HCP gives you real control: no pooling, no surprises, just secured loans with proven returns…
LATEST
Justin Butterworth will speak on a panel at Urbanity 2025 on the Gold Coast.
Technology

Platforms Pump Up Rental Revolution: Justin Butterworth

Renee McKeown
4 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy on the Sound of Cannon: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Finance

HCP: Real Projects, Real People, Real Returns

Partner Content
5 Min
Sherpa South Brisbane DA hero
Development

Sherpa Shifts Gaze from Beaches to Brisbane’s ‘Aria Territory’

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/mirvac-exchanges-contract-1-woolworths-way