Retailer adds value to Sydney office building sale. 

 

Officeworks’ strong sales of home office supplies in the wake of the COVID-19 pandemic has been cited as a key benefit in the sales pitch for a Sydney office building.

 

Officeworks is the anchor tenant of a four-level commercial building, located at 108-114 George Street, Hornsby, which is up for sale. 

 

The A-grade building includes a mezzanine office area and three upper levels of office accommodation with basement parking for 86 cars.

 

Real estate firm JLL's NSW director of metropolitan sales and investments, Ben Hunter, said that given the security of Wesfarmers-owned Officeworks as the major tenant—one of the few bright spots in the Covid-19 retail landscape, buoyed by the move to home offices—the Hornsby asset was indicative of a positive shift in buyer sentiment amid the easing of lockdown restrictions.

 

While no price guide has been disclosed, a title search showed the site was last sold in 2017 for more than $25 million.