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• Strategically located in the rapidly expanding Western Sydney suburb of
Parramatta, situated 20 km from the Sydney CBD and more specifically 900 m
from Westfield Parramatta, 950 m from Parramatta Park, 750 m from Parramatta
railway station and bus terminal and 1.6 km from the M4 Motorway, providing
access to the Anzac Bridge and the Sydney CBD.

• Four storey concrete and steel commercial attached office building positioned
on the banks of the Parramatta river with a site area of 1,368 m2. The property
encompasses office space across four levels with two levels of basement
parking. The building is well appointed with ducted airconditioning throughout
and two lifts servicing all floors including the basement carpark which provides
61 spaces for the building’s occupants. The Property also benefits from
frontage of 38 m to Phillip Street and its location provides for easy access to the
Parramatta CBD including the shopping precinct and transport hub.

• The Gross Lettable Area is 2,944 m2 and consists of a 609m2 ground floor, 827
m2 first floor, 814 m2 second floor and 694 m2 third floor. The building is currently
leased by 4 separate tenants with a net income of $748,000 pa* which would
indicate a passing yield of 4.47%. Current development controls would allow an
indicative yield of 80 units.

• Marketed towards and favoured by local developers looking to invest and /
or occupy whilst preparing a development application with the expectation
that Parramatta City Council will raise the FSR from its current 4.49:1 to 10:1,
potentially raising the GFA to 13,680 m2 and the potential yield to 154 units
(S.T.C.A).

 

Sales Analysis*
Sale Price:$16,750.000
Land Area:1,368m²*
Zoning:B4 Mixed Use
Building Height:80 metres
NABERS Rating:4 stars
Gross Lettable Area (GLA):2,944m²*
Floor to Space Ratio:4.49:1
Gross Floor Area (GFA):6,142m²* (STCA)
Price per developable unit:$209,375* (STCA)
Rate per GFA m²$2,727
Raw or Subject to DA:Raw
Net Income (per annum)$748,000*
Passing Yield:4.47%

Method of Sale
Sale Date:December 2014
Sale Type:Expressions of Interest
Vendor:Mevote Pty Ltd

 

*approx