ISPT sells Parramatta office
ISPT has sold a modern Parramatta office with a 28 per cent vacancy.
The Barrington at 10 Smith Street is understood to be trading to Mintus for $83 million.
With 13,369 square metres, it is anchored to the state government, Bank of Queensland and HSBC – the latter which has signage rights.
The area is rated A-grade.
Colliers’ John McCann and James Mitchell were the agents.
The deal comes nearly four years since Mintus snapped up a Parramatta office and development site from Dexus, outlaying $154m.
The Barrington
Developed in the 1970s, refurbished in 2022, The Barrington rises 11 levels, with 165 car parks.
On the north east corner of Macquarie St, also exposed to Barrack Lane, it is on a 3886 sqm site the marketing agents said can accommodate a much taller tower.
ISPT held it in the Core Fund after buying it in December, 2000.
The recent renovation added end of trip facilities and repositioned the ground floor lobby with a café and third office area.
The NABERS Energy and Water scores were also improved – to 5 and 4.5-star respectively.
Also this year, for the Core Fund, ISPT sold Eastgate Bondi Junction, for $127m, while last year, with Vicinity Centres, it shed Halls Head Central, in Western Australia, for $70m.
The asset manager also recently listed an office in Sydney’s CBD, 270 Pitt St.
Development upside
Within leasing circles, 10 Smith St is known for its large floorplates – c1200 sqm – amongst Parramatta’s largest.
The Bank of Queensland’s lease is new – running seven years.
“Parramatta is traditionally a tightly held office market with investment activity limited over the past 18 months,” Mr McCann said upon listing.
“We’re witnessing an influx of both private sector investment that coincides with record levels of state government investment, creating a positive shift culturally that will see the Parramatta CBD become the second largest in office stock size in Sydney,” he added.
Subscribe to our newsletter at the bottom of this page.
