This article is from the Australian Property Journal archive
A RETAIL property on Parramatta CBD’s tightly held Church Street has sold for $2.39 million.
The property at 306 Church Street located on the corner of Phillip Street – one of Parramatta CBD’s most prominent sites, was sold following an intensive sale campaign coordinated by Chris Tesoriero of Knight Frank Parramatta on behalf of Receiver Neil Cussen of Deloitte.
Tesoriero said the sale attracted huge interest from investors and owner-operators alike.
He added that around 70 interested parties crammed into the auction room, demonstrating the hot demand for prime CBD retail property in Parramatta.
The property comprised of a two level commercial building with a fully licenced Italian restaurant on the ground floor and was sold as a going concern.
Tesoriero said the receiver sale represented a unique opportunity in the extremely tightly held Parramatta CBD retail market.
“This sale represents one of only two sales in the last 12 months in the restaurant precinct. However if the turn out to this auction is anything to go by, the appetite for retail property in the tightly held Church Street market is at a cyclical high, particularly among local buyers.
“The landmark property not only benefits from its location on one of Parramatta CBD’s best retail corner sites, which will effectively be the gateway to Parramatta City Council’s proposed alfresco dining precinct, but also from nearby residential developments by Meriton,” he added.
A local private investor purchased the property, which has a building area of 335 sqm and lies on a 250 sqm site.
Australian Property Journal
