WiseTech Global founder Richard White lists Alexandria headquarters with circa $35m guide
The billionaire founder of one of Australia’s largest tech firms has revealed plans to sell his company’s headquarters in the Sydney suburb of Alexandria.
The purpose-built facility at 70 -74 O’Riordan Street is home of software giant WiseTech Global and sits on 3851sqm.
It is listed via an expressions of interest campaign through Colliers International and Karbon Property, and is expected to sell for around $35m.
The property is owned by WiseTech Global’s founder and billionaire Richard White. He bought site four years ago for $12m and spent a further $14m converting the old warehouse into a luxury office complex.
Mr White, who is worth more than $3 billion, is selling the complex as part of a commitment to cease doing private business with his public company by the end of the financial year.
“I wanted to create a state-of-the-art expansion of WiseTech’s already considerable presence at the location,” he said.
“The building was designed and built with much care and attention and complements the existing WiseTech tenancy and data centre assets that reside within the compound.”
Colliers anticipates the non-aggressive yield of 6 per cent and the location in Alexandria will appeal to buyers. The building also offers a lucrative $2,118,270 annual net rental income.
“Potential buyers will be drawn to the security and strong tenure that this investment provides, which is particularly vital given the current environment,” Colliers International’s Michael Crombie said.
“COVID-19 has actually had a positive impact on commercial metro office markets, especially Alexandria and Mascot, in fact we have seen more large commercial lease inquiry in 2020 than we did in all of 2019.”
Karbon Property’s James McCourt said many traditional CBD and fringe investors will be drawn to the asset due to its future potential.
“While the current tenant is likely very long term, this asset in due course doesn’t have to be a single tenant building,” he said.
The precinct already has a thriving ecosystem of multiple industries. Investors will value this future optionality, which is important in any large investment.”
The expressions of interest campaign ends on November 11.