42 Parramatta apartment owners sell in one line to developer
Residents at 8-12 Sorrell Street, Parramatta have banded together to sell to a developer for $44.5 million.
Set across the river from the Parramatta CBD, several agents claimed that by amalgamating together the 42 unit owners were able to double their achievable sale price.
The sale was three years in the making after the building’s strata committee got an unsolicited offer from another developer.
The sale represents continued confidence in providing residential apartment supply within the seemingly oversupplied Parramatta market.
But any new apartments won't appear at the site in the next five years.
The Parramatta sale consists of three apartment buildings on a 4,012 square metre site.
It was zoned B4 mixed use with the potential for a project with a gross floor area of up to 27,683 square metres, subject to council approval.
