Mirvac has settled on the sale of the Tramsheds complex at Forest Lodge to development group, Revelop for $52.02m.
The 5,973sqm centre, comprises an IGA Supamart and around 18 specialty shops, and 144 car parking spaces. The Centre has a large community centre for 200+ people (managed by Sydney of City) and a tenancy mix heavily weighted to casual dinning options. The Centre does however suffer from limited parking.
The Tramsheds is an adaptive re-use development of the original Rozelle Tram Depot which opened in 1904, and used to house up to 200 trams which serviced Sydney vast tram network. The site forms part of a broader redevelopment of the Harold Park Paceway which closed in 2010, paving the way for Mirvac to construct over 1250 apartments together with the restoration of the Tramsheds.
The Centre returns an annual rent of $2.55m providing Revelop with a passing yield of 4.9%.
The Centre’s tenants have been hit hard by COVID19 with a number of casual dinning operators unable to continue trading. In recent years, Mirvac has also introduced several non-food tenancies including a gym and medical centre to cater more broadly to the local population.
The property was marketed by JLLs Sam Hatcher, Dylan McEvoy, and Nick Willis with contracts exchanged in November 2021.
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