This article is from the Australian Property Journal archive
A PROMINENT Parramatta corner commercial property at 144 Marsden Street has sold and settled, with a private owner occupier purchasing the asset for $18 million.
Knight Frank and Khoury & Partners announced the 2 February sale of the four-level property has now settled with the sale price reflecting a 4.29% initial passing yield.
The sales campaign was managed by Wally Scales and Linda Zhu from Knight Frank, alongside Anthony Khoury and Jon Race from Khoury & Partners.
Located between the town centre at Parramatta Square and the Parramatta legal precinct, the site is located in the centre of the Parramatta CBD and offers 21 onsite parking spaces.
“The current rental and parking rates in the building are amongst the lowest in the Parramatta CBD, so there is plenty of scope to significantly increase the building income in the near term in one of Australia’s fastest growing office markets,” said Khoury.
The new owner occupier plans to progressively upgrade and utilise the existing premises for corporate offices, with the building sold with a short WALE of 1.4 years and a vacancy rate of 4.3%
“Further refurbishment works and active lease management will enable this asset to outperform in one of the most dynamic office markets in the country,” added Khoury.
At the time of listing, the property—with flexible B4 Mixed Use zoning—offered potential buyers a $735,558 net passing income per annum.
With tenants providing health, legal and financial services, with the ground floor offerings including Multicare Medical Centre, AVIS printing and Edu Key.
With a site area of 839sqm and 2,584.7sqm of NLA, the asset also features impressive sustainability credentials with a 5.5 NABERS Energy Rating.
The office building is also within close proximity of a range of public transport access links, including Parramatta Station which sits less than 500 metres from its door.
