Best & Less have sold its Leichhardt office and land holdings for $29m.
The 6,265sqm site at 675 Parramatta Rd comes with a lease back to Best & less returning $1,300,000+ per annum net, providing a 4.5% yield to the purchaser.
The site is currently zoned Light Industrial with 1:1 FSR however a proposed rezoning to B4 Mixed Use zoning under the Parramatta Road Corridor Urban Transformation, however little progress on this plan has been made since 2016. Similar sized development sites behind the Best & Less site on George St have yielded a combined 386 apartments between Oasis Leichhardt and Leichhardt Green sites.
Over the 20 years Best & Less have owned the site, the group has slowly acquired additional land parcels adjoining the site. The total site includes a renovated commercial office, two warehouses and an outdoor car park for 65 cars now spans two sides of Upward St.
The sale of the property was managed by Colliers and reports suggest they received 144 inquires and 16 formal offers.
Greenlite Brands, the owners of Best & Less have been progressively selling its real estate assets. In March 2019, the Group sold its logisitcs facility in Eastern Creek to AMP Capital for $99.5m and in February 2020, they sold 1000 Nepean Rd, Moorabbin for $21.8m.
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