Goodman Group are reported to be spending $202m on the Alexandria Homemaker Centre in an acquisition from Arkadia Group.
The property at 49-59 O’Riordan Street was originally developed as a historic warehouse conversion for bulky goods by AMP Capital & Charter Hall and ultimately acquired by Arkadia in 2010 for circa $46m.
The 3.4ha site comprises a 22,417sqm 2 level Centre which houses 28 retailers and parking for over 700 cars.
The latest acquisition by Goodman is reported to reflect a 4% yield.
For Goodman, the acquisition represents a further consolidation play in Alexandria, taking their contiguous land holdings to over 20ha.
The Group have held Sydney Corporate Park since 2013 following a $343m acquisition of the original 14ha site from the Hannan family. In 2020, Goodman add 494 Gardeners Rd for $75m in an acquisition also from Arkadia.
Goodman have not made any comments in relation to the deal or its ambitions for the site, however the long term fundamentals for Alexandria remain strong with higher densities and mixed uses continuing to drive land values in the suburb.