The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 THE UNMISSABLE EVENT FOR PROPERTY PROFESSIONALS IN THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 UNMISSABLE FOR PROPERTY PROFESSIONALS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailTaryn ParisWed 11 Oct 23

Level 33 Drops $40m on Wollongong’s Biggest Sale

A former Bunnings Warehouse site near Woolongong’s CBD has sold for a cool $40 million in what is being been billed as the city’s biggest sale. 

Sydney developer Level 33 acquired the 2.73ha site from BWP Management Limited. It is due to settle in June, 2024. 

This is not its first acquisition in the city 85km south of Sydney.

The Sydney family-owned developer and construction business this year filed plans for a 19-storey, two-tower shoptop development on Crown Street in the heart of NSW’s third-biggest city.

The Colliers team of James Wilson, Simon Kersten, Guillaume Volz and Taleah Thomas brokered the deal for 73-75 Gipps Street at what Wilson said was the “highest value sale of an inner-city development site in Woolongong’s history”.

“The sale of 73-75 Gipps Street engaged more than 100 enquiries from developers nationally, which resulted in a highly competitive bidding process,” Wilson said. 

“The transaction reflects the land rich nature of the retail investment class given the strategically located sites featured mixed-use development potential.”

null
▲ The former Bunnings site has sold in the biggest deal on record for NSW’s third-biggest city.

The site is leased to the Federal government, which Colliers national director of residential Guillaume Volz said showed confidence in a rebounding market. 

“This acquisition demonstrates the ongoing willingness of developers to acquire sites in prime locations on which they can develop large-scale projects,” Volz said. 

“And that, in turn, is a mark of confidence that investors will return to the market in significant numbers soon.”

The BWP Trust acquired the site in 2003 for $12 million on an initial yield of 8.5 per cent and it was valued at $22 million in June, 2023. 

According to the trust, the sale resulted in a realised internal rate of return of 12.3 per cent since the original acquisition.

Trust managing director Mark Scatena said the divestment, supported by an independent valuation, follows a detailed review of alternative uses for the property, with the sale deemed to be in the best interests of unitholders. 

BWP Trust put forward a plan for high density on the site this year, while also renewing the Australian Electoral Commission’s lease for a five-year period. 

ResidentialIndustrialAustraliaReal EstateDeal
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
Roseville Hycorp EDM
Exclusive

Ku-ring-gai TOD Backflip Slashes 1500 Homes from Under-Way Developments

Clare Burnett
7 Min
Exclusive

Housing Fix Sprint Begins with New Top Planner Pushing 13 Regional Plans

Phil Bartsch
8 Min
Elanor Investors Tweed Mall masterplan
Exclusive

Tweed Marks Time as $900m Mall Redevelopment Goes Quiet

Renee McKeown
6 Min
High-density residential construction in Melbourne
Exclusive

Stabilising Conditions in Melbourne Bring Hopes of Improved Feasibility

Leon Della Bosca
6 Min
View All >
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
RBA announce May rate cut HERO
Policy

‘Undervalued’ Melbourne to Reap Rate Cut Advantage

Leon Della Bosca
Victorian treasurer Jaclyn Symes' first budget has made infrastructure a winner but left the property sector behind.
Policy

Victoria’s Infrastructure Program Wins Budget Blessing

Marisa Wikramanayake
But treasurer Jaclyn Symes’ first budget has been labelled by some in the industry as a stop sign for the property secto…
LATEST
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
RBA announce May rate cut HERO
Policy

‘Undervalued’ Melbourne to Reap Rate Cut Advantage

Leon Della Bosca
6 Min
Victorian treasurer Jaclyn Symes' first budget has made infrastructure a winner but left the property sector behind.
Policy

Victoria’s Infrastructure Program Wins Budget Blessing

Marisa Wikramanayake
4 Min
Renewal SA's four-bay aircraft hanger facility in Adelaide's northern suburbs, the DMMF being built by BESIX Watpac.
Other

Adelaide’s $200m Defence Megastructure Moves Ahead

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/level-33-wollongong-warehouse-record-sale