This article is from the Australian Property Journal archive
A VACANT refurbished Parramatta commercial building has been snapped up prior to auction for $10.5 million, almost double what it traded at just three and a half years ago.
The 1,243 sqm building at 12-14 Wentworth Street generated 75 enquiries before changing hands, in a campaign handled by Knight Frank’s Jai Sethi and Wally Scales.
Zoned Business 3, it had been marketed with future redevelopment potential, and with Class 9B approval for education and training purposes.
A private college acquired the property late in 2014 for $5.3 million from the Independent Education Union, with vacant possession and partial leaseback.
It has been occupied by the Pacific English Institute and G&C Mutual Bank in recent year.
The property has 12 on-site is positioned close to the Great Western Highway and Western Motorway.
Australian Property Journal
