Woolworths Headquarters On The Market
The national Woolworths headquarters in Sydney’s Norwest business park has gone on the market.
Controlled by Australian-Korean investment and fund manager Inmark Asset Management, the 44,911sq m property is expected to sell for north of $400m. It is comprised of three separate office buildings, an onsite Woolworths Metro supermarket, a cafe, gym, data centre, and over 3,000 parking spaces.
Inmark bought the property for a group of South Korean investors for $336.45m in 2016. The sale will be the largest Sydney office on the market since Chatswood’s Zenith Centre was purchased for $438m by Starwood Capital and Arrow Property in 2019.
“The weight of capital seeking secure, long-term income streams has doubled over the past 12 months, with a heavy influence from offshore domiciled investors looking to Australia as a safe haven given our strong economic performance,” Adam Woodward of Colliers, who has been tapped to sell the property, said.
“Non-discretionary food-based and every day retailing in Australia has boomed throughout the COVID-19 pandemic, and Woolworths has significantly outperformed the ASX 20 during this time, highlighting the strength of the covenant,” Woodward explained.
The campus has a ten-year lease from November 2021.