Value Retail Group is selling the headquarters of its Best & Less discount fashion chain.
In Leichhardt, five kilometres west of the Sydney CBD, the offering includes a four-level commercial building joined to warehouses.
The asset is expected to sell for more than $25 million, according to this Daily Telegraph item.
VRG is targeting investors – the Parramatta Road holding coming with a minimum three year leaseback at a starting annual rent of $1.3 million.
Given the office occupies a 6265 square metre block – which marketing agency Colliers International said is one of the largest to be offered for sale locally in recent years – developers are expected to show an interest, too.
Earmarked for a rezoning to B4 Mixed Use, the land could accommodate a building rising to just over 20 metres.
VRG is speculated to have over the years rejected a number of offers from builders for the parcel.
The owner occupier paid $4.5 million for 657-673 Parramatta Road in 1998 – later expanding with the purchase of neighbouring blocks to occupy for warehousing and car parking.
The holding spans two sides of Upward Street.