Sunsuper extends South Eveleigh holdings

20 August 2021

Superannuation giant Sunsuper has acquired a stake in Mirvac’s landmark heritage conversion of the Locomotive Workshop in South Eveleigh, paying $231 million for 49%.

The Locomotive Workshop is the final part of the redevelopment of the South Eveleigh Precinct by Mirvac. The Locomotive Workshop comprises approximately 23,000 square metres of modern infill office space together with a vibrant new 8,000sqm retail & dining destination. The retail area is anchored by Romeo’s Food Hall IGA, and The Grounds, while two Bodyfit gyms, a pilates studio, yoga studio and multi-purpose sports courts promote easy work-life balance for those in the burgeoning office precinct. The office component is occupied by the Australian National Institute of Management and Commerce, Quantium and Uber, Post Op Group and OMG.

The redevelopment is nearing completion with 97% of the space leased, offering a 9 year WALE and was acquired on a yield of 4.7%

Sunsuper were introduced to the precinct when, under the management of AMP Capital, the pair invested alongside Mirvac and Centuria in the development of the Australian Technology Park. CBA has moved into its new headquarters to ATP with over 10,000 workers creating a thriving new home for the bank technology and digital teams and the company’s Innovation Labs of the Future. 

Adam Woodward, James Mitchell and James Barber of Colliers International, alongside Ben Schubert, Paul Roberts and Graeme Russell of Knight Frank, advised Mirvac on the deal.

Mirvac recently won Sunsuper’s property management mandate off AMP Capital, bringing a further $650 million in assets under its control.