NSW Aboriginal Land Council sells Parramatta office for $40.8 million

Roxy Pacific Holdings and Tong Eng Group – both based in Singapore – have paid the New South Wales Aboriginal Land Council $40.8 million for a Parramatta office.

Marketing agency Knight Frank said the deal, which values the lettable area at $7,729 per square metre, sets a benchmark for unrenovated B-grade office space in the precinct, about 23 kilometres west of the Sydney CBD.

The asset at 33 Argyle Street (pictured, top) traded on a 5.26 per cent passing yield.

On a 2048 square metre block zoned Mixed-Use, the 10-level building includes 5248 sqm of lettable area.

Configured with ground floor retail and a three level above-ground car park, it sits about 100 metres from Westfield and 400 metres from both the Parramatta Transport Interchange and Parramatta Square.

Brokers Wally Scales and Mark Litwin managed an expressions of interest campaign which closed on September 20.

They said Parramatta is Australia’s fastest growing CBD. Elsewhere in the pocket, private investor Lang Walker is developing three towers. Charter Hall, Dexus, GPT and Mirvac are also constructing offices in the precinct.

The NSW Aboriginal Land Council has owned 33 Argyle Street since 1992.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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