Arkadia Property Group have sold their bulky goods asset at 494 Gardens Rd Alexandria for $75m.
Arkadia acquired the 2.2ha site in 2015 from ISPT for $63m when the property was fully leased to Harvey Norman, Super Cheap Auto, Natuzzi and Beds and Dreams.
The majority of the tenants vacated in 2018/19, providing Arkadia the opportunity to add value to the Centre with the establishment of The Alex – a new urban eatery, fashioned off the successful Grounds of Alexandria.
Whilst Council approval has been granted to consent to minor external works to the building to accommodate the proposal, there has been little activity on site.
With COVID 19 likely to have delayed the F&B proposal, Arkadia agreed to a quick off market sale with contracts exchanged in mid July and settlement just 2 weeks later.
The site is currently zoned B6 Commercial Enterprise with an FSR of 1.5:1 and a height limit of 25m, and sits adjacent to a larger site which Data Centre operator, Equinix, acquired in May last year for $110m.
The purchaser is currently undisclosed but held by the Trust Company as a trustee.
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