Parramatta office fetches $9m after refurb
A compact three level office in Parramatta’s Justice Precinct has sold off-market.
The 672 square metre building with basement car park at 11 George Street found favour with a national not for profit which plans to occupy.
The result was $9.05 million.
The seller paid $6.3m just over a year ago before renovating.
Also this week we are reporting the Royal Freemans Benevolent Foundation paid developer Rose Group $16m for a Woolloomooloo office permit-ready for a five level building.
The Centre for Multicultural Youth meanwhile has paid $12m for a piece of the former Kraft headquarters and manufacturing plant in Melbourne’s north, neighbouring other properties it holds.
11 George Street
Opposite the Sydney West Trial Court, the 291 sqm Parramatta site was previously marketed for its development upside, zoned B4, with a 6:1 floor space ratio.
Costi Cohen acted for the buyer (continues below).
It is the second property the occupier has bought recently, director, Tas Costi, said. Sasha Rodriguez co-represented the purchaser.
Colliers’ John McCann acted for the seller.
“The building was originally refurbished by the vendor, who intended to occupy…but instead purchased another Parramatta property from Colliers…and relocated their business there,” he said.
“We were appointed to take the property to market, however the rarity of a building of this calibre in Parramatta generated immediate interest,” he added.
“We had two parties actively looking at the building, and given the quality of the works and the scarcity of assets of this size in the precinct, it achieved a strong result for the vendor,” according to the executive.
Parramatta is about 20 kilometres west of Sydney’s CBD.
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