Part of Locomotive Workshop in South Eveleigh sells in $231m deal
Part of the iconic Locomotive Workshop in South Eveleigh has sold in a mega $231 million deal.
Sunsuper has partnered with Mirvac by acquiring a 49 per cent interest in the landmark heritage conversion, with the deal closing in early August.
The workshop has been described as a ‘groundscraper’ site comprising of 31,000sqm, with a state-of-the-art refurbishment.
This has seen the old locomotive sheds made into office and retail accommodation.
The sites have been highly sought after with 97 per cent leased prior to completion, with close to 50 per cent committed to fin-tech company Quantium.
The Colliers Capital Markets team of Adam Woodward, James Barber and James Mitchell, combined with Knight Frank’s Ben Schubert, Paul Roberts and Graeme Russell advised on the successful partnership.
“The site is a unique heritage conversion offering world-class amenities and located in the Central to Eveleigh rail corridor, which will benefit from the NSW Government’s $10.4 billion rail infrastructure investment that is currently underway,” said Adam Woodward of Colliers.
Ben Schubert of Knight Frank added “Demand for Sydney Fringe office investments has remained strong in spite of the pandemic, with investors seeking to acquire assets in emerging locations that are set to benefit from infrastructure improvements and that are known to attract tenants from the growing technology sector and wider creative industries.”