A major commercial building at 16-18 Wentworth Street, Parramatta is set to be divested following the successful completion of a strategic refurbishment and leasing program. 

The property was purchased in early 2021, with the vendor seeing immediate opportunity in the building due to the lack of stock available in the 9B Education space throughout the Parramatta CBD.  

The vendor was able to attract education sector tenants after a strong return following lockdowns, before undertaking a refurbishment program which included modernisation and upgrades to foyers, bathrooms, air conditioning and lifts. This strategy improved the amenity for occupiers and has increased the building’s ability to retain existing tenants, with 75 per cent of the property leased in the past 12 months. 

It is listed with John McCann and Joseph Lin of Colliers, in conjunction with Wally Scales and Dominic Ong of Knight Frank. 

John McCann commented that “16-18 Wentworth Street is a rare offering that provides a core, stabilised asset with a strong tenancy profile that also offers genuine rental growth given the last lease was at $550 net. The building quality and its location close to the Parramatta transport hub is a major reason for attracting the current tenants.”

Wally Scales commented “The building has significantly outperformed competing assets in the local market for reletting activity due to the convenient location, recent upgrade works and competitive rental being particularly attractive to the thriving tertiary education sector. With positive rental reversion yet to feed through from older leases, this property provides a compelling investment proposition in a tightly held market where purchase opportunities are limited.”. 

The building is 6,405 sqm with occupation currently sitting at 100 per cent and and a WALE of 4.06 years. It has a fully let income of $3,341,091and falls within an attractive price bracket set to attract interest from a broad range of investors. 

John McCann and Wally Scales stated that they would not be surprised to see a strong result considering the past two sales they have been involved in within the Parramatta CBD and the shortage of stock in the metro market over the past 12 months.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact details below.

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