Bakehouse Quarter sells for $380M

BlackWall Limited (ASX: BWR) announced it has settled the sale of Bakehouse Quarter in North Strathfield NSW to Yuhu Group for $380M. After striking a deal to sell the site two years ago, Yuhu made a series of instalments through option and pre- payments totalling $58M, which effectively moved the settlement date out to 18 April 2019 when the property was settled.

Bakehouse Quarter is a six-hectare mixed use site located at 1-13 George Street, North Strathfield NSW, on the corner of George Street and Parramatta Road. The site was the former Arnotts biscuits factory before being acquired and redeveloped by BlackWall through its Kirela Development Unit Trust. Key tenants include an Aldi supermarket, Arnott’s office space, Fitness First gym as well as a WOTSO co-working hub run by BlackWall.

Yuhu Group is expected to further develop the site in line with the NSW government’s Parramatta Road Corridor Urban Transformation strategy.