This exciting investment opportunity at Parramatta’s Eat Street precinct has been sold at auction by Ray White Commercial NSW for $9.75 million. The sale represents a 3% yield.*
The approximately 789 sqm site at 292 Church Street, Parramatta, was sold under the hammer to a private investor by Jeff Moxham and Samuel Hadgelias of Ray White Commercial NSW.
The site was subject to fantastic interest with over 80 enquiries on the site. A number of the prospective purchasers were locals demonstrating high demand for investments in Parramatta’s very tightly held market especially where the opportunity exists for future redevelopment.
Over 10 contracts were issued prior to Auction with approximately 5 bidders on the day.
The property is ideally located in the heart of Parramatta and boasts the following highlights:
• Gross income $400K p.a.* (ex. GST)
• Lease expiry 2022
• Site area 789m2* / B4 Mixed–Use
• FSR part 10:1 / part 3:1
• Key Parramatta CBD location
• Long standing tenant the ‘Sicilian’ restaurant
• Potential development upside
• Demolition clause included in Lease
|Zoning:||B4 Mixed Use|
|Municipality:||City of Parramatta|
|Gross Rent (per annum)||$400,000* + GST|
|Parking:||Rear street car parking|
|Sale Date:||18 October 2015|
|Sale Type:||Public Auction|