The Locomotive Workshop, a heritage landmark in South Eveleigh and part of the former Australian Technology Park precinct off Redfern, has been acquired by Sunsuper from Mirvac for $231 million.
The property, which stands as a two-storey brick and sandstone structure spanning 31,000-square metres, boasts of tenants like technology firms Quantium and Post Op Group, marketing company OMG, as well as key retailers like The Grounds and Romeo’s IGA.
In recent years, the Locomotive Workshop has been redeveloped as an A-grade innovation hub and commercial space whilst maintaining its heritage artefacts and features.
Reports cited that the deal took place after Sunsuper, Australia’s largest superannuation funding firm, shifted its commercial assets from AMP Capital to Mirvac. Sunsuper has another asset in South Eveleigh, investing in the 55,000-square metre complex, The Foundry.
Mirvac acquired the rights to develop Sydney’s retired rail yard in 2015 and completed its redevelopment in May 2021. The precinct is within walking distance to the Redfern train station and about five kilometres off the CBD. The site has heaps of shared public spaces, its very own village green, sports facilities and a scooter park, and public artworks displays featuring local artists.
Ben Schubert, the Knight Frank executive that facilitated the sale, said that despite the pandemic, demand for Sydney’s fringe office spaces remains strong as investors want to gain assets in “emerging locations” that will benefit from upgrades and redevelopments.
South Eveleigh has become very attractive to the technology and creative industries and the Locomotive Workshop has been 97 percent leased just before its completion in mid-2021.