Knight Frank have been appointed to market a significant office building for sale in Parramatta set to be sold in what could be one of the first major transaction in Parramatta this year. The Expressions of Interest campaign is run by Dominic Ong and Tyler Talbot of Knight Frank on behalf of the vendor, Mayrin Group.

The listing is expected to kickstart activity in the market when it goes up for sale next week. The six-level modern A-grade building at 9 Wentworth Street will be taken to the market via an Expressions of Interest campaign run by Dominic Ong and Tyler Talbot Knight Frank on behalf of the vendor, Mayrin Group.

It has a net lettable area of 7,650.6sq m, with a typical floor plate of 1,237sq m and 91 basement car spaces. The property is strategically positioned on a 1,627sq m site.

The building, which has a 5.0 star NABERS Energy Rating, is 100% occupied, with 62% of the NLA leased to the Commonwealth Government. Other tenants include the Australian College of Nursing and Wilsons Parking.

The property has a net annual passing income of approx. $3,600,000.

Mr Ong said the property was expected to generate significant interest from both domestic and overseas buyers, being a quality investment and one of the first opportunities to hit the market in Parramatta this year.

“Parramatta’s evolution as a commercial hub has been meteoric, and investors are increasingly attracted to the growth area, which is becoming the new epicentre of Sydney,” he said.

“This particular property is a quality asset underpinned by secure income, in what has historically been one of Australia’s tightest office markets, with vacancy currently siting at below seven per cent, and is in a great location within Parramatta.

“It is strategically positioned only minutes from Parramatta’s rail and bus Interchange and one of New South Wales’ largest retail centres, with Westfield Parramatta and the 240,000 square metre Parramatta Square development, which is transforming the precinct.”

Mr Talbot said more than $35 billion in infrastructure investment was occurring in Western Sydney from which Parramatta, of which the Wentworth Street property will be a major beneficiary.

“Projects include the likes of Western Sydney Airport, Urban Roads Projects, Sydney Metro West and Parramatta Light Rail, which will encourage further growth in the area.

“The mixed-use zoning and substantial site size of this Parramatta property also supports medium to long-term redevelopment potential as the area continues to evolve.”

The Expressions of Interest campaign for the property at 9 Wentworth Street closes at 4pm, Thursday 27 May 2021.

To request a copy of the Information Memorandum please email either of the marketing agents via the contact form below.