Fully Leased Freehold Investment
A free standing investment opportunity with redevelopment upside (STCA) in a high profile location in the heart of Parramatta, the epicentre of western Sydney, is being offered for sale by Ray White Commercial NSW.
The three storey building at 292-298 Church Street, Parramatta, is being offered for sale by Auction by Jeff Moxham and Samuel Hadgelias of Ray White Commercial NSW.
Jeff Moxham said the property is currently occupied by the ‘Sicilian Restaurant’, an institution on Parramatta’s Eat Street who have been in this building for approximately 10 years. The property currently has a gross income of approximately $400,000 per annum.
“This exciting opportunity is walking distance from a large number of infrastructure nodes and amenities including Westfield Parramatta, Parramatta Train Station and Rivercat Ferry,” he said.
Jeff Moxham, who has been active in the Parramatta market for over 20 years and whom with his partners the White family recently opened their 2nd Sydney office in the Parramatta CBD, believes that buyers will be attracted to not only the current investment yield and future development potential (STCA) but also the transformation Parramatta is currently undergoing.
The future infrastructure spending pipeline and large scale urban renewal opportunities for the region include the construction of the Parramatta Light Rail Project, the Construction of the $2 billion Parramatta Square redevelopment, the $200 million expansion of the University of Western Sydney (Parramatta Campus) and the Parramatta City River Strategy.
Samuel Hadgelias said the property is underpinned by an underdeveloped parcel of land totalling 789 sqm with an attractive B4 Mixed Use zoning and a part 10:1 part 3:1 FSR.
“It offers an exceptional opportunity to secure a key Parramatta CBD investment with redevelopment potential (STCA) in a market that has seen significant growth over the last two years,” he said.