Riverside Parramatta plot sells off-market

The 1577 square metre parcel abuts the Parramatta River.
Modernised 60 Phillip Street offices with river views have recently been for lease.

An under-utilised predominantly vacant office occupying a prime riverside spot in Parramatta’s CBD has sold off-market.

The result for 60 Phillip Street, on the north east corner of Wilde Avenue – $21.5 million – prices the B4 Mixed Use zoned land at $13,633 per square metre.

The buyer is as yet undisclosed.

Records show the seller is the Read family which via a vehicle, Talish Pty Limited, paid Zurich $11.34m in early 2003.

The same group in 2020 sold 122 Walker St, North Sydney, to Stockland for $35m.

It outlaid $7.8m for that office in 2008.

60 Phillip Street

In the city’s financial precinct, the six storey Parramatta building was unsuccessfully offered in 2018 (story continues below).

At the time the annual net holding income was $2.078m.

When it was touted this time around, 70 per cent of the lettable area was vacant. Colliers’ John McCann confirmed the deal yesterday.

Also in Parramatta, last month, Dexus negotiated a $69.1m sale of a B-grade office with a short 1.2 year weighted average lease expiry, at 130 George St.

Settlement is scheduled November.

This property neighbours two holdings – an office and a development site – the institutional giant sold to Mintus for $154m two and a half years ago.

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.