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City of Sydney Council quietly secures Alexandria’s Best Kept Secret for $110m

Jessica Freeman • 08/09/2022

WoolstoresImage: Woolstores

The City of Sydney Council has quietly purchased The Woolstores in Alexandria off market for $110 million from CorVal, reflecting a 4.9 per cent yield and WALE of 3.3 years.

The Woolstores is just 15 minutes from the Sydney CBD and consists of three impeccably restored heritage-listed wool sheds, reinvented as vibrant office spaces and major tenants include Living Edge, Swarovski, Thyssenkrupp Elevators.

The transaction was completed by Steven Kearney and Mark Hansen of Cushman & Wakefield and Michael Crombie and Adam Woodward of Colliers International.

Steven Kearney said “The Woolstores is a high-quality commercial office investment with a 5.5 star NABERS Energy rating that aligns with the City’s long term financial plan”

“The Woolstores has thoughtfully been constructed with a wide range of recycled heritage materials incorporated into a contemporary design providing good levels of character”

Mr Crombie said “The Alexandria Woostores site represents the epitomy of creatively designed office space – a true adaptive reuse conversion.

“The estate has always been successfully leased and City of Sydney were quick to seize this opportunity off market.”

The Woolstores is just eight minutes to Sydney Airport and an easy walk or cycle from Green Square station, and is extremely well serviced by public transport connections, as well as key arterial roads and the WestConnex interchange at St Peters; offering swift access to the Greater Sydney area.

RF CorVal’s Head of Transactions Oliver Picone said “This is a great result for our investors, we acquired the property from the original developer as it neared completion, basing our strategy on the unique nature of the heritage office space and Alexandria being an up-and-coming market with the potential for growth.

“Our asset management team led by Philippa Duncanson and Natasha Oryl was then able to execute on this, by maintaining close to full occupancy over the whole investment period and driving the rents. They did a fantastic job in actively adding value to investment.”

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