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News release

Sydney

The newly restored, heritage-preserved Australian commercial complex The Woolstores in Sydney’s Alexandria is on the market

This unique creative space, located at 6a Huntley Street, features a high-profile tenant mix with long lease expiries and is expected to draw interest from local and overseas investors


​SYDNEY, 8 OCTOBER 2014 – Creative commercial office complex The Woolstores in Sydney’s Alexandria is today announced to the market. Featuring long lease expiries and an enviable high-profile tenant mix, including Swarovski, Living Edge and ThyssenKrupp, the property is expected to draw interest from investors around Australia as well as internationally. 

The Woolstores is a completely regenerated, 9,956 square metre commercial complex featuring three individual ‘Woolstores’ as creative office spaces. Its new design preserves the heritage and authenticity of the property, which dates back to World War II. The Woolstores is located at 6a Huntley Street, Alexandria, in the heart of one of the largest urban renewal projects in Australia – Green Square.

This unique offering is being managed by JLL’s Head of Metropolitan Sales and Investments for NSW Sam Brewer, and Colliers International’s National Director of Industrial Michael Crombie, with pricing expectations in excess of $50 million.
According to Mr Brewer, “The Woolstores is an iconic Sydney site, and is part of the fabric of Australian history. The restored ‘Woolstores’ offer stylish and creative spaces for users. This appeal is evident through the high-profile tenant mix occupying the property.

“We anticipate that the style, heritage and tenant mix will be key factors which will call out to investors. In addition, the site enjoys a strong Weighted Average Lease Expiry (WALE) of circa seven years. Typically, when partnered with good covenants the WALE serves as a decisive factor for a sharp yield.

“The amenities are another factor of appeal for prospective buyers. The site offers the benefits of an on-site childcare and café, with one parking space per 60 square metres of tenancy and close proximity to major public transport methods. Numerous Sydney Buses routes can be found nearby, and Green Square Station is located just 1.2 kilometres from the site with a direct train line into the Sydney CBD,” said Mr Brewer.

Mr Crombie noted that this site has been well received by the tenant market, resulting in it being the fastest multi-tenanted, off-the-plan leasing estate ever seen in South Sydney.  

“There is a firm case for future rental growth given the price points of areas nearby, including Surry Hills. Comparable creative office space, particularly in nearby areas such as Surry Hills, are increasingly showing leasing rates in the range of $600 to $700 per square metre. This illustrates a strong case for future rental growth for The Woolstores,” said Mr Crombie.

Each ‘Woolstore’ features an eight-metre high lobby with recycled floorboards and original exposed timber trusses, polished concrete floors, waterfront decking, and quality bathrooms with showers. 

The property is for sale via an Expressions of Interest campaign, closing Wednesday, 5 November 2014.