Yuhu Group Australia is pleased to confirm that the major acquisition of Bakehouse Quarter from Kirela Development Unit Trust has been settled on April 18th, 2019.
With a site area of over 60,000 square metres, the Bakehouse Quarter is a diverse commercial and retail precinct situated in the charming surrounds of a refurbished Arnott’s biscuit factory in North Strathfield, Western Sydney. Interweaving cobble stoned streets and leafy parks with a selection of retail outlets and an array of restaurants, bars and cafes, the precinct provides the perfect environment for business and leisure.
Featuring and anchored by Aldi supermarket, Arnott’s, Kingpin, Fitness First, as well as the innovative WOTSO WorkSpace, the Bakehouse Quarter commercial and retail centre currently supports around 70 tenancies of a range of scale.
Yuhu Group chairman Jimmy Huang said that the acquisition of the Bakehouse Quarter landmark site is in line with the company’s long-term strategy of identifying and investing in prime assets with well-established income streams.
“The hundred-year-old site together with its iconic architecture and relaxing ambience creates this incredible blend of rich history and culture that just tastes distinctively Bakehouse Quarter,” said Jimmy.
“Millions of us grew up with Arnott’s biscuits, and the emotional attachment associated with the precinct will carry on in the fabric of the area. With further support from the well-established modern-day transportation infrastructure and precinct facilities, the unique Bakehouse Quarter will go on to sew new memories for local families and beyond.”
The landmark site sits in the centre of a rapidly-growing catchment area where the population growth is significantly higher than the Sydney Metropolitan average.
“We at Yuhu Group Australia are proud of the experience offerings that we are able to provide with our expertise in asset management, and even more so for the local jobs that we are continuously creating and supporting,” said Jimmy.
The Bakehouse Quarter acquisition in addition to the AU$6.5mn in capital upgrade works and further input represent a total investment of over AU$420mn, another major vote of confidence in the local market by the Sydney-based asset manager Yuhu Group Australia.