LaSalle Investment Management to sell western Sydney office campus

​Sydney, 04 February 2016 – LaSalle Investment Management is moving to sell a campus style office in Sydney’s west in a move tipped to generate broad interest from owner occupiers and investors.

Greystanes House is situated on a major landholding at Pemulwuy, west of Parramatta, and is presently leased to Boral Construction Materials Group.

CBRE’s Peter Vines, Frank Oliveri and Scott-Gray Spencer have been appointed with securing a buyer for the Clunies Ross Street asset, which features 10,473sqm of office space on a significant landholding of over 5ha.

LaSalle Investment Management acquired the property in late 2014 as part of its purchase of six eastern seaboard assets from the Lend Lease Core Plus portfolio.

Mr Vines said the on-sale was expected to attract interest from a wide range of groups given the existing improvements, holding income and future potential.

While Boral has a lease over the site until mid-2017, Mr Vines said longer term owner occupiers were likely to express interest in the sale campaign given the flexibility of the site and the quality of the existing improvements.

“The site could suit aged care providers, education or religious groups or users requiring an office campus with the potential to build additional office or warehouse space subject to the relevant planning approvals,” Mr Vines said.

There is 16,670sqm of surplus land, which has previously been approved for the construction of an additional office building. The site also offers extensive parking, with 350 on-grade car spaces.

The existing, three-storey building provides modern, campus style office accommodation with an impressive entrance foyer and ground floor cafeteria flowing to a private entertainment terrace and BBQ area.

There is existing capacity to accommodate up to 800 staff, with the building also benefiting from a 4.0 Star NABERS Energy base building rating.