Leda lists ex-Johnson & Johnson HQ
Leda Holdings has listed the former Johnson & Johnson manufacturing headquarters at Caringbah, after a repositioning.
The cream brick Art Deco building at 32 Cawarra Road – now an ANZ Business Centre, Crunch gym and Care for Kids childcare centre – is expected will collect more than $26 million, reflecting a sub five per cent yield.
The agents are targeting investors – with a 6.4 year Weighted Average Lease Expiry, and depreciation benefits, the asset contains 3026 square metres, with 117 car parks.
On 5495 sqm at the north east corner of Wurrook Rd, the holding also has long term development upside; structures up to 16 metres containing 8243 sqm could be considered.
Up the street at #40, on the north east corner of Meta, Leda recently developed the Caringbah Business Centre, with six double storey office/warehouses.
Led by Bob Ell, the investment house also just sold three Sydney investments to Pittwater Industrial for $95m, reflecting a blended 3.2pc return.
Tightly held precinct: agents
Colliers’ Trent Gallagher, Edward McFarland, Gavin Bishop and Sean Thomson are marketing 32 Cawarra Rd.
“This refurbished high quality and appealing commercial asset is strategically located to provide crucial amenity within one of Sydney’s most tightly held infill industrial and commercial precincts,” Mr Gallagher said (story continues below).
Local businesses include Australia Post, Gyprock Trade, Hino, Reece Plumbing and Shimano.
Aliro is also repurposing part of the area’s former Toyota marketing office with a mixed use project containing offices, retail and a hotel.
“Leda Holdings retained and refurbished the original Johnson & Johnson headquarters into a high quality commercial asset which is now home to a range of quality tenants in the central business district of Caringbah,” Mr Bishop added.
“This is an ideal value-add investor opportunity to position yourself within a strategic location offering excellent access to major road infrastructure including Taren Point Rd, Captain Cook Drive, Rocky Point Rd and the Princes Highway,” according to Mr Thomson.
Caringbah is 24 kilometres south of the CBD.
Elsewhere in Sydney, Stockland is set to develop the existing Johnson & Johnson headquarters, at Macquarie Park, after striking an agreement in mid-2020 to build a replacement nearby.
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