The auction for Sydney’s former Woolworths headquarters, which has been on the market since last year, is set to go ahead, but it won’t be a big one.
Instead, it will be a series of small auctions that will take place over a period of three weeks starting on February 21.
The Woolworth building is one of the last buildings of the mega-retailer that went into administration in October 2020.
It has been in storage since then and is set for the second round of auctions to come in March.
The auction will take about two weeks, with the first auction taking place on February 14 and the second on March 1.
At the moment, the Woolworth Building has a number of options to bid for the space.
One of them is a redevelopment proposal by former Sydney City Council president Tom Logue.
Logue has proposed the building be converted into office space and the building could be sold to help finance the project.
Logue is also considering the possibility of creating a community centre in the building.
However, the building is unlikely to be sold this time around, given the fact that it has been held hostage by its owners since 2020.
“It’s a very challenging auction,” said Chris Taylor, the managing director of Real Estate Brokers.
He said the Woolierns offer was not likely to be matched.
Real Estate Broker’s chief operating officer, Jason Gartrell, said the current market for office space in Sydney was extremely tight, with a number properties being offered at a high level of interest.
“We’ve got the Woolie Building in the middle of a really tough market,” Mr Gartrel said.
“[The owner] has not really said what their plan is and so there’s not a lot of interest in the auction, which is really good for Sydney.”
“The building is being held hostage.
That’s not good for the city and so that’s a really bad thing for the residents and the business people of Sydney,” Mr Taylor said.
The Woolie building is the last remaining Woolworth-owned office building in Sydney.
It was once home to the Woolies’ famous Woolworth and Wills department store, which closed in 2015.
Originally published as The ‘worst-kept secret’ is on sale at auction