This article is from the Australian Property Journal archive
THE Salvation Army is looking to offload three buildings in Parramatta as a prime development opportunity with the potential to be redeveloped as a mixed-use hotel and commercial project.
The site will be sold via an expressions of interest campaign by JLL’s regional director, sales and investments – NSW, John Macree and associate director Michael Binskin, in conjunction with John Surian, managing director, Raine & Horne Commercial Parramatta.
Located at the corner of 93-95 Phillip St and 32 Smith St Parramatta, the property is a prime redevelopment site with an area measuring approximately 2,438 sqm, with a potential new Gross Floor Area (GFA) of 28,037 sqm.
Macree said it will have broad appeal to a range of potential users, but is expected to be redeveloped as a mixed-use hotel or serviced apartments and commercial site, to take advantage of the attractive 10:1 floor space ratio.
“This will be one of the first commercial development sites offered outside of the Council-led Town Square precinct in Parramatta for some time. Its position as a gateway to Parramatta CBD will provide strong incentive to commercial developers and institutional backed investors, whom we expect to see strong interest from, due to the exceptionally low vacancy of 1% in the Prime CBD office market,” he added.
Binskin said Parramatta is continuing to cement its position as Sydney’s second CBD.
“Over the past couple of years the focus and interest has been on the mixed-use residential high rise opportunities within Parramatta CBD,” Surian said. “This has led to withdrawal of commercial stock, putting further pressure on vacancies. There is now strong demand and interest in commercial development; the strongest I have seen it in 43 years in Parramatta.”
Australian Property Journal
