Prominent Parramatta office block listed through Savills
A prominent office block in Parramatta has been listed for sale.
Savills agents Simon Fenn and Graeme Russell are marketing the building at 91 Phillip Street as an Grade A trophy asset, in conjunction with Inc RE.
They say heightened tenant demand and a substantial amount of private and public sector investment in Parramatta has 91 Phillip Street placed to take advantage of the re-emergence of the Parramatta office market as it transitions into Sydney’s second CBD.
Positioned on a prominent corner site comprises 6,100 square metres of net lettable area and is anchored by ground floor retail and four levels of secure basement parking.
Fully leased, the 1985 building has a 4.5 Star NABERS Energy Rating and an estimated net income of around $2.9 million.
It last traded for $30 million in 2015 and is being sold via an expressions of interest campaign that ends on the 8th of August.
Corelogic recently reported the commercial property market in Parramatta was "gaining strength" with $757 million worth of sales reported in the year to March 2018.
It included the sale of 1-3 Fitzwilliam Street at $82 million by Raffles Education Corporation Ltd, which has its headquarters in Singapore and is listed on the Singapore Exchange.
The purchaser, the Propertylink Group, is a leading investment manager of Australian investment grade property.
According to Parramatta Cityscope 1-3 Fitzwilliam Street is a seven-storey office building with basement car parking for 106 vehicles plus a roof-top sports floor, tennis court and sauna.
Raffles bought the building for $29 million in 2014.
