Raffles Education buys Enterprise House, Parramatta
Raffles Assets Australia, a subsidiary of Singapore’s Raffles Education Corporation, has bought in Parramatta.
Their $29 million purchase which will assist the renaissance of the precinct, is a six-storey office building at 1-3 Fitzwilliam Street.
It sold vacant possession opposite Parramatta Train Station and the Westfield shopping centre through Arland Domingo and Peter Hanzis of Knight Frank.
It was last sold in late 2010 by Trinity Property at $28.3 million representing an initial yield of 9.15% when occupied by the NSW Office of Fair Trading on leases until May 2013, returning net income of $2,509,434 per annum.
Enterprise House was bought in 2010 by Action Office Pty Limited, of the Chandru Tolani property investment group, which paid $18 million in late 2012 for nearby 16-18 Wentworth Street property whose tenants included the Australian Vocational Learning Centre Pty Ltd.
Raffles Education Corporation is the largest private education group in Asia Pacific, according to its website.
The property will be redeveloped as a permanent campus for the company’s college in Sydney, the Raffles College of Design and Commerce – which currently operates out of leased premises.
The building with a net lettable area of 9,782 square metres has been occupied by the NSW Department of Fair Trading.
It has a land size of 2,049 square metres.
Photo courtesy of Google.