Mintus buys Parramatta office, development site
Mintus has paid $154 million for an A-grade Parramatta office and neighbouring development site permit-ready for another.
The off-market deal was with the Dexus Office Partnership (DOP) in which Dexus holds a half stake.
It is the second suburban Sydney commercial property the pair have recently traded – last August, Mintus outlaid $55m for the Glade View Business Park at 434-484 Victoria Road, Gladesville.
The Parramatta purchase settles in August.
140-150 George Street, Parramatta
Mintus’ latest acquisition includes a 22 level office at 150 George Street, on the north west corner of Phillip.
Until recently occupied by Commonwealth Bank of Australia, and known as the Colonial Centre, it includes 21,964 square metres of area and 496 car parks.
Adjoining the building is a 2271 sqm block – 140 George Street – which has permission to be replaced with a 33 storey tower (story continues below).
DOP, which Dexus owned in equal part with the Canada Pension Plan Investment Board, had intended to complete this 45,000 sqm building by mid-next year.
The deal comes four weeks since Australian Unity banked $66m for an eight floor office, 32 Phillip St, neighbouring the Powerhouse Museum.
In November, Gurner, backed by Qualitas, spent close to $70m for a 2050 sqm site, 12 Hassall St, offered by local developer Jean Nassif’s Toplace permit-ready for a 61 level apartment building.
Four months ago, the City of Parramatta paid $64m for a commercial asset, 9 Wentworth St, abutting other assets it owns
Majority leased to the Department of Home Affairs, that property, on 1627 sqm, is expected longer-term to be replaced with a new council headquarters.
Dexus retains a 14 floor office, 130 George St, beside the asset it has just sold.
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