City of Brisbane Investment Corporation (CBIC) is divesting its commercial building at 9 George Street, Parramatta following successful completion of its strategic refurbishment program. 

The property was purchased in 2018 by CBIC’s Kirsty Rourke (now CEO) seeing immediate opportunity in the building with Manpower (Australian Defence Recruitment) vacating within 6 months of settlement. 

CBIC was able to attract NSW Government to a long-term lease shortly after Manpower vacated, then undertake a refurbishment program which included modernisation and upgrades to foyers, bathrooms, BMS and HVAC, improving the building’s NABERs Energy rating to 5 stars. 

Kirsty Rourke states “we have appointed John McCann and James Girvan of Colliers to divest 9 George Street. We believe that CBIC’s investment in the building over recent years will be very well received by the market. We have executed our modernisation strategy that has improved the amenity for occupiers and increased the building’s NABERs ratings, enabling us to retain tenants such Watts McCray and Macquarie Bank on new leases over recent months”.

John McCann commented “the building has always leased well and had a sticky nature when it comes to retaining tenants, with a strong track record of tenancy renewals, some of which have occupied the building for over 10 years. The last two campaigns I have been involved within the Parramatta CBD had very strong interest with both assets selling 6% above book value”. 

James Girvan commented that “9 George Street is a rare offering that provides a core, stabilised asset with an exceptional tenancy profile that also provides genuine rental growth given its building quality and its location to the legal precinct.”

The building is 5,479 sqm with occupation currently sitting at 91.4 per cent and and a WALE of 2.92 years. Fully let income of $3,051,692 and falls within an attractive price bracket set to attract interest from a broad range of investors. 

John McCann stated he would not be surprised to see a strong result considering the two past sales he has been involved in within the Parramatta CBD.

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