Inmark Asset Management has listed Woolworths Group’s headquarters.
The fund manager, which holds the asset for South Korean institutions, can expect more than $400 million.
It paid Mirvac $336.45m five years ago – a price which reflected a 6.07 per cent yield.
Within the Bella Vista component of the Norwest Business Park, the investment’s book price in 2015 – prior to the occupier renewing a lease – was $250m.
It also carried that value in 2011.
1 Woolworths Way, Bella Vista
On nine hectares at 1 Woolworths Way, about 35 kilometres west of Sydney, the complex contains three interconnected buildings with a total 44,911 square metres of lettable area.
There is also a café, gym, retail, including a Woolworths Metro store, and over 3000 car parks, many in a multi-level garage.
The Weighted Average Lease Expiry is 10.4 years (story continues below).
As part of the business park’s master plan, the holding can accommodate an additional 28,000 sqm of product.
The facility neighours a hotel, which contains a sports bar, and is about a kilometre from the Bella Vista train station.
“The weight of capital seeking secure, long-term income streams has doubled over the past 12 months, with a heavy influence from offshore domiciled investors looking to Australia as a safe haven given our strong economic performance,” Mr Woodward said.
“Non-discretionary food-based and every day retailing in Australia has boomed throughout the COVID pandemic, and Woolworths has significantly outperformed the ASX20 during this time, highlighting the strength of the covenant,” according to the executive.
Mr Parry added the property is within the North West Priority Growth Area, encompassing one of Sydney’s largest working populations.
“It is positioned to capitalise on the newly opened Sydney Northwest metro line and the heightened focus on hub and spoke locations such as Norwest/Bella Vista, which offer high quality office accommodation, relative affordability and multiple transport options,” he said.
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