Mirvac Group advises that contracts have been exchanged for the sale of 1 Woolworths Way, Bella Vista, NSW for a total consideration of $336.45 million, representing a yield of 6.07 per cent. The buyer is understood to be a major Korean pension fund, but this is yet to be confirmed.
As part of the transaction, Mirvac Projects will remain responsible for the delivery (including cost) of a new multi-story carpark via a development management agreement.
1 Woolworths Way is a ~44,800sqm office campus building located approximately 30 kilometres north-west of the Sydney CBD within Norwest Business Park, and is 100 per cent leased to Woolworths Limited until 2031. Woolworths recently signed a new 15-year lease deal which is expected to commence in August 2016, following completion of the multi-story carpark.
JLL and Savills were the appointed agents.