Parramatta’s continued growth as one of Australia’s major commercial hubs has spurred the sale of a prominent development site in the heart of the CBD.
CBRE’s Frank Oliveri and Alex Ugarte have been appointed to sell the 1,004sqm site at 46 George Street, which is zoned B3 Commercial Core and allows for a number of uses including office and hotel development.
Mr Oliveri said the opportunity to secure a high profile site in one of Australia’s most tightly held office markets would attract strong buyer interest.
“This property provides an opportunity to take advantage of the current state of play in Parramatta, with incredibly strong market fundamentals – including the lowest A-grade vacancy rate in the country – unprecedented rental growth and increasing leasing demand,” Mr Oliver said.
The property and its future development is also positioned to capitalise on the ongoing development of Parramatta, with Starwood Hotels and Resorts recently announcing plans to open a new Four Points by Sheraton on the same street.
“This property could provide an opportunity for suitable competition as Parramatta becomes the focus of Sydney’s economic and population growth, with hotel occupancy levels reaching a new high and limited competition in the market,” Mr Oliveri explained.
The sale of 46 George Street follows a period of significant urban transformation for Parramatta, with more than $8 billion invested in building and construction opportunities.
Mr Ugarte added: “Already a major transport hub, dining and shopping precinct and sporting and events destination, this investment will accelerate Parramatta’s journey to become Australia’s next great city.”
There are a number of large commercial office projects underway across the city, with Charter Hall, Walker Corporation, DEXUS and Scentre Group currently developing or planning to develop in Parramatta.
Mr Ugarte said the George Street site also offered an opportunity to deliver a boutique office building with smaller floor plates that would target a different market segment.
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