This article is from the Australian Property Journal archive
MARPROP Real Estate Partners has re-entered Parramatta’s commercial property market with the $42 million acquisition of an office tower at 126 Church St.
The deal for the 12-storey, 9,809 sqm building was introduced to Marprop by Colliers International’s John McCann and was negotiated by Marprop’s head of investments Fabian Law.
Law said the sale price reflected a rate of $4,282 per sqm and 9.6% yield. The building has a WALE of 2.89 years and is located opposite Westfield’s super regional shopping centres, and adjacent to Parramatta’s transport hub.
Marprop CEO James Marshall said Parramatta is expected to continue to benefit from strong tenant demand and the current major infrastructure investment, which includes the new light rail and Parramatta.
Marprop exited the market when sit old its 93 George St Parramatta asset for $38 million in December last year.
Australian Property Journal
