Toyota has sold its Woolooware Bay factory for $187 million.
The car maker confirmed the deal in June; the purchaser, David Southon’s Aliro Group three months later applied to replace the 12.4 hectare block with a commercial and community services project.
A put-and-call option was exercised in November; the transaction price was also revealed.
Aliro is said to have beaten the University of Wollongong and Sydney Catholic Schools for the site, between Captain Cook Drive and Woolooware Bay.
New direction for property
Toyota owner-occupied 13 Endeavour Road, Caringbah, for about 30 years until 2019 – part as its national sales and marketing headquarters.
It is now held by Aliro Group Industrial Value Fund (AGIFV).
Any redevelopment could only follow a land rezoning, which needs Department of Planning, Industry and Environment approval.
Meanwhile the landlord is seeking to rent the 41,000 square metres ex-production plant and office (story continues below).
Colliers International, which brokered the sale, is also managing the leasing campaign.
Toyota functions undertaken at the property have been moved to a new Kemps Creek distribution centre and Sydney Olympic Park.
The AGIFV proposal
AGIFV is proposing a 10 year (staged) redevelopment with about 100,000 sqm of office area, a tourism hotel, pub and retail with market style grocer.
The project will retain the industrial structures – which the landlord will rebrand Endeavour Shores Estate.
Caringbah is 24 kilometres south of Sydney.
The Endeavour Rd parcel is a c20 minute drive to Port Botany.