Unexpected buyer swoops on disaster recovery centre
Westpac has sold a Sydney data centre turned disaster recovery facility for $23.05 million.
The five level, 5629 square metre facility at 26 Smith Street, Chatswood, is set to be repurposed again, finding favour with Kennards Self Storage, which plans to occupy, taking advantage of high ceilings, between 4.5-7 metres.
As well, the property has a loading dock and 600 workstations in a modern office area.
“The purchase…is a good example of adaptive reuse of an obsolete building with tremendous inherent value,” JLL marketing agent, Harry Sullivan, who represented Westpac with Gordon McFadyen and Dylan McEvoy, said.
“The building was constructed in the early 1990s and repurposed in 2017 into a state-of-the-art disaster recovery centre featuring a high spec fit-out, substantial power infrastructure and high value plant and equipment,” according to the executive.
Zoned E4 – General Industrial, the 5644 sqm site has a 2:1 floor space ratio, he added (story continues below).
“This creates a maximum potential gross floor area of 11,288 sqm”.
Developers and investors looked in, the agents said, following an expressions of interest campaign launched in March.
Kennards operates another facility in the suburb, at Mann St.
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