A 62-lot commercial strata building at the centre of world-class development and infrastructure projects in prospering Parramatta has been launched to market jointly by Ray White Commercial NSW and Colliers International.
Expressions of interest are sought for the 3283-square-metre site located at 5 Aird Street, in the heart of the Parramatta CBD adjoining Westfield Parramatta.
The property, an iconic Parramatta commercial strata complex known as the Parramatta Business Centre, commands three street frontages and is just 500 metres from the $2 billion Parramatta Square urban renewal project, which is set to transform Sydney’s second CBD with 113,000sqm of office and retail space.
Ray White Commercial NSW’s Jeff Moxham, David Lyons and Joseph Assaf have been appointed to market the property together with Phillip Bradac, Guillaume Volz and John McCann, of Colliers International.
The Planning Proposal has already passed through the IHAP process and received Parramatta Council approval. It is currently with NSW Planning for final approval. The Proposal seeks to redevelop the site into a landmark mixed-use project totalling in excess of 55,000sqm of gross floor area over two towers atop a three- to four-storey podium for commercial-retail use. Tower 1 is proposed at 66 storeys in height.
“The planning proposal has been based on the controls of the proposed Parramatta CBD Planning Proposal which was adopted in April 2016 by the Council,” Mr Moxham says.
“Parramatta has an exciting few years ahead with numerous significant infrastructure projects in progress, not to mention the route for stage two of the Parramatta light rail being announced this month which sees the light rail connect North Parramatta to Sydney Olympic Park via areas such as Wentworth Point and Ermington.”
The selling agents have also sold the two most recent large development site sales in Parramatta, one being the prominent Auto Alley site sold by Guillaume Volz and his team at Colliers International for $150 million in 2015 with the other being the Albion Hotel sold by Ray White’s Jeff Moxham and Andrew Jolliffe for $60 million last year.
Mr Volz says interest in the 5 Aird Street site will be strong, with inquiry expected from prospective buyers around the world.
“Parramatta is in the international spotlight and this sales campaign harnesses the interest we are seeing here,” he says.
Home to the fourth-largest metropolitan office market in Australia and boasting the lowest vacancy rate in Sydney, Parramatta has gone through a massive rejuvenation and revitalisation in recent years.
“With continued investment and confidence in the region and with many future plans, this is likely to continue this momentum over the medium term,” David Lyons of Ray White says.
The city is home to one of the busiest rail nodes in Sydney, with an average of 400,000 commuters passing through daily.
John McCann, of Colliers International, says the proposed Parramatta light rail is the step-change needed to continue the transformation of the city.
“This project will support growth and renewal in the region and help to deliver places that attract people to live, work and visit,” Mr McCann says.
The Parramatta CBD office market has been one of the strongest performing asset classes across Australia, keeping vacancies the second lowest in the country at just 4.3 per cent and A-grade vacancy currently at zero.* This has also driven the residential market with demand from buyers who want to live and work in the CBD.
Colliers’ Phillip Bradac says a local government focus on adding commercial space instead of residential development is set to further boost the city’s economy.
“Parramatta is very much in a construction phase and the skyline is changing rapidly, with investment in infrastructure and an emphasis on quality development ensuring the future of the city is bright,” Mr Bradac says.
The expressions-of-interest campaign for 5 Aird Street closes at 4pm on Wednesday, November 29 2017.
* Source: Property Council of Australia, July 2017