This article is from the Australian Property Journal archive
ST Hilliers Property has swooped on a prime commercial development site in Parramatta for $22 million.
Located at 127 Argyle Street, the 2,579 sqm property was purchased from the Transport Infrastructure Development Corporation. The sale also included an existing hotel licence, gaming permits and entitlements and poker machines of a former hotel, which had been situated on the property.
The property is ideally located opposite Parramatta Railway Station adjacent to the recent extension to the Westfield Shoppingtown and Greater Union cinema complex.
St Hilliers has proposes to develop a 13 level, 18,500 sqm A-grade office building with a targeted 4.5 ABGR and 4 Green Star rating.
St Hilliers’ chief executive Tim Casey said the land component would be a seed asset for St Hilliers Funds Management fourth property fund currently being marketed to wholesale investors.
“The fourth fund is a development to core fund and marks the next phase in the expansion of our funds management platform.” Casey said.
St Hilliers’ general manager of fund management Nicholas Ridgwell said St Hilliers is close to finalising its $200 million capital raising for the fund.
“This fund will also be investing in a commercial development property at 88 Talavera Road, North Ryde, which has an estimated end value of $150 million, and a $30 million industrial warehouse facility at 34-38 Anzac Avenue, Smeaton Grange,” Ridgwell concluded.
Australian Property Journal
