September, 2015: Sydney-based funds manager buys Parramatta A-grade office building for around $30 million
The 7-storey building, at 9 George Street, Parramatta, was built in 2003 and is 95% leased to a mix of blue-chip tenants, including Westpac and Defence Force Recruiting. It is close to Parramatta’s justice precinct, which includes the NSW Attorney General and Justice headquarters, the Family Court of Australia, the local Parramatta court and Sydney West Trial Courts. Westfield Shopping Centre and the recently upgraded Parramatta rail and bus interchange are about 800 metres away.
Commenting on the sale, Robert Stanley-Turner from Box Commercial Estate Agents said, ‘As Sydney becomes busier and busier, with more hectic traffic and congestion, more and more businesses will seek out Parramatta office space. That’s why the Parramatta s Australia’s best performing office market.’
Mr Stanley-Turner also said that the proposed redevelopment of Parramatta square will further position Parramatta as a an employment hub.
‘I can see this fund doing exceptionally well for this experienced manager,’ Mr Stanley-Turner said. ‘Close to fully leased with blue chip tenants as well as potential for capital growth will make this property ideal for investors who need their investment income to be paid quarterly and to be stable and low-risk.’
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