Blackwall Bakehouse Qtr Sale Complete!
Yuhu Group stunned the market in 2017 when it announced the acquisition of the Bakehouse Quarter in North Strathfield for $380m.
The acquisition of the six-hectare major commercial and retail precinct, on biscuit maker Arnott's former factory and warehouse site was one of the largest deals done in 2017. At the time Yuhu acquired the site under options and there has been much speculation as to whether the option would be exercised and the property settled.
All of that speculation is now put to rest with Yuhu Group confirmed as having settled the sale contract this week.
News that the State Government was leaning toward placing the Metro West rail interchange with the T1 Northline near to North Strathfield will improve the long term prospects of the Bakehouse site which is less than 300m from the existing North Strathfield station.
In concluding the deal with Yuhu Group, Kirela investors (the current vendor of the Bakehouse Quarter) will move approx $100M of the sale proceeds into the Blackwall Property Trust REIT (BWR) for reinvestment in further opportunities.