IKEA sells waterfront warehouse
IKEA has banked an impressive capital gain selling its waterfront Rhodes warehouse, bought in the years following the Global Financial Crisis.
The furniture retailer is banking $94.6 million from apartment developer Masscon for the 1.03 hectare Rhodes site, 1-3 Leeds Street.
It paid $21.3m in 2009.
The facility acted as a pick-up point and distribution centre for its Rhodes store.
IKEA last year opened an uber-green 70,000 square metre distribution centre at Marsden Park.
Apartments coming
With 123 metres of north facing Parramatta River frontage, zoned Mixed Use 1, the Rhodes site was marketed for its potential to yield 65 metre or circa-24 level buildings (continues below).
The gross floor area would circle 35,969 sqm with affordable housing provisions, added Savills’ Stuart Cox, Neil Cooke, Jonathon Broome and Housam Yazkan.
Without – Masscon is instead proposing a high-end apartment project – it could circle 27,670 sqm.
Led by Charlie Ayoub, the developer is set to take control in two years.
Rhodes is 12 kilometres west of Sydney’s CBD.
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