Woolworths development arm, Fabcot have acquired a majority interest in a strata building in inner city Sydney for $9.75m.
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The property at 258-272 Illawarra Rd Marrickville Rd comprises a 2 level retail and commercial building with roof top parking. The building is held in 5 separate strata titles, with Fabcot acquiring 2 titles and the Council owning the roof top parking.
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The property is leased to a number of retail tenants including FoodWorks, Chemist Warehouse and a Gym. The Chemist Warehouse has a lease expiring in 2023 with 2 x 5 year option periods.
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The 3,100sqm site has an FSR of 3:1 and a height limit of 26m, allow for up to 7 levels of mixed use development. Woolworths may use the opportunity to secure the remaining strata units in the building and obtain a new DA for the whole site.
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Fabcot exchanged contracts for the site in December 2019 and settled on the 14th April.
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