_Commercial building in Parramatta CBD up for sale
- A four-level office building at 144 Marsden Street in Parramatta is up for sale with an expected price tag of around $20m
- The asset, which has 2,497sq m of NLA on a 839.1sq m site with 21 basement car parks, is being sold by a private investor
- It will be taken to the market via an Expressions of Interest campaign run by Knight Frank and Khoury & Partners
- It is expected to appeal to both owner occupiers and private investors
Sydney, Australia – A freestanding commercial building in the heart of Parramatta’s CBD is up for sale with an expected price tag of around $20 million.
The four-level building at 144 Marsden Street has approximately 2,497sq m of net lettable area, with ground floor retail and three upper floors of office space, on a 839.1sq m site. It also has 21 basement car parks.
The commercial and retail space is currently occupied by a broad range of tenants providing health, legal and financial services, with tenants on the ground floor including Multicare Medical Centre, AVIS printing and Edu Key.
The asset is being sold by a private investor via an Expressions of Interest campaign run by Wally Scales and Linda Zhu of Knight Frank in conjunction with Anthony Khoury and Jon Race of Khoury & Partners.
The property has a WALE of 1.4 by years and a vacancy rate of 4.3 per cent.
Mr Scales said Parramatta was undergoing a major transformation as Sydney’s second CBD, having recently overtaken North Sydney and Macquarie Park to become the second-largest office market in the city due to its central, accessible location surrounded by a rapid population growth.
“Significant government infrastructure investment combined with major commercial and residential development activity by the private sector is increasing occupant demand,” he said.
“This is a scarce opportunity to acquire a freestanding commercial property of this size and price bracket on a prominent corner in the centre of the Parramatta CBD with ample onsite parking.
“The property is conveniently located between the town centre at Parramatta Square and the Parramatta Justice Precinct, which includes the major law courts servicing the Greater Western region of Sydney.
“The location benefits from increased street activation and retail amenity generated by surrounding residential high-rise development.”
Mr Khoury said owner occupiers could capitalise on the short WALE and expansion potential to customise a freestanding corporate facility, while there was plenty of scope for astute investors to increase the income of the building, which is under-rented.
“The current rental and parking rates in the building are amongst the lowest in the Parramatta CBD, so there is plenty of scope to significantly increase the building income in the near term in one of Australia’s fastest growing office markets,” he said.
“Alternatively, the building could be subdivided into strata suites by a developer to exploit the limited supply of available stock in the local market.
“Further refurbishment works and active lease management will enable this asset to outperform in one of the most dynamic office markets in the country.”
Mr Scales said the building also offered upside in the form of potentially adding additional floor space to the existing building or redeveloping in the future.
“In the longer term, this prominent corner site, which has with flexible B4 Mixed Use zoning, could be redeveloped for new commercial, retail, or residential premises.”
The Expressions of Interest campaign for the property closes at 4pm on Tuesday, November 24.
-Ends-
For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211
Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.