INVESTORS have the chance to take a bite out of Parramatta’s iconic Eat Street, with expressions of interest being sought for the well-known corner asset, at 302 Church Street.
Fully let to eight tenants over a total net lettable area of 1,001sq m*, the property boasts three street frontages with extremely high exposure to Church Street and Phillip Street.
The asset is being marketed and sold by Ray White Commercial NSW – Western Sydney Managing Director Peter Vines, Director Joseph Assaf and Associate Director Victor Sheu.
Mr Vines said Parramatta’s Eat Street had for years offered Sydneysiders a rich mix of dining, cultural entertainment, retail, nightlife and leisure experiences.
“This existing dynamism is firmly supported by Parramatta’s position as the sixth largest GDP of Australia, enjoying constant federal and state level investments, which will only enhance this location’s appeal,” Mr Vines said.
“The asset offers investors the opportunity to corner Parramatta’s Eat Street market with its spectacular pedestrian frontages and high-profile location.
“Opportunities like this are seldom offered to the market and it gives you the opportunity to be a part of Parramatta’s exciting new era.
“The current passing income of the eight tenants sits at $754,390* with potential to increase, with long-term tenants such as Coco Cubano occupying the space.
“This is simply one asset that buyers shouldn’t pass up on.”
Mr Assaf said Parramatta was at the geographical centre of Sydney and was a focus for employment, housing, recreation and cultural opportunities, with its major revitalisation key.
“To fully realise its potential, Parramatta is backed by its governing authorities as well as institutional investors to stimulate significant job and dwelling growth, to increase its social and economic prosperity,” Mr Assaf said.
“Well underway are some of the nation’s largest commercial, residential and infrastructure developments set to redefine Parramatta’s CBD skyline on a scale not seen before.
“Boasting an economy that turns over roughly $14BN annually, Parramatta is the central location for a number of major business and government services catering not just to the Western Sydney area, but to customers and businesses across NSW and Australia.
“With an advanced transport infrastructure system, Parramatta plays a key regional role in transporting millions of people every day through its integrated network.”
Mr Sheu said on the corner of Church and Phillip Street, ‘302 Church’ occupied an incredible position at the heart of Eat Street.
“Ranging from Parramatta Winterlight, Parramatta Lanes, new quality restaurateurs and some of Sydney’s old favourites – the Eat Street precinct has been the epicentre of Parramatta’s dining, entertainment as well as nightlife for decades,” Mr Sheu said.
“With the significant growth that Parramatta is experiencing, demand for increasingly sophisticated and varied dining and entertainment options is a foregone conclusion.
“Retail and commercial tenants will rush to service this demand, bent on capitalising on a strong base of consumers spanning from the daily office lunch crowd to the ever-growing residential population in Parramatta CBD.
“Standing at a busy crossway, 302 Church Street is poised to take advantage of it all.”
Expressions of interest close on Wednesday 09 October 2019 at 3pm (AEST).