North Rocks. Property sold for $18.1 million

Over Fifty Group’s property division, Century Funds Management, has sold a 12,145-square-metre warehouse distribution facility, at Loyalty Road, North Rocks, to a private investor for $18.1 million. The property is leased to Officeworks, until August 2018, providing a net income of $1.5 million annually. Jones LangLaSalle negotiated the sale.

Region. Small stores may close

Officeworks, which has a third of the metropolitan stores in Western Sydney, will close many of its smaller outlets over the next few years as the stationary and office supplies group undergoes a full-scale overhaul. The company, which has 119 stores nationwide, would probably open eight new stores in the next 12 months. A number of existing stores would be relocated in the push for larger outlets, according to The Australian Financial Review