Auburn Centrelink hits the market for the first time in two decades
Developers and investors have the unique opportunity to own their very own Centrelink in western Sydney.
The recently refurbished Auburn Centrelink is on the market for the first time in two decades and is already generating strong interest from investors, owner-occupiers and developers.
Located at 5-9 Macquarie Road, the 1870sqm site is located in the heart of Auburn and within walking distance to the local shopping centre and public transport.
CBRE agent Robert Dowdy said buyers were already circling the property, given its location, blue-chip lease to the Commonwealth Government and potential development upside.
“Auburn has become a hive of activity in recent years, as highlighted by the recent $129.5 million sale of Auburn Central to SCA Property Group,” Mr Dowdy said.
“The proximity to the Parramatta CBD, coupled with a lack of quality investment stock for sale, is driving interest from savvy investors and developers in available opportunities.”
Developed in the 1980s, the building offers basement parking for 40 cars in addition to the single level Centrelink office.
It is leased until December 2026 with two, three-year options, providing a passing income of $351,338.25 per annum.
The B4 Mixed-Use zoning provides a 5:1 floor space ratio which would allow for the new owner to possibility construct a building of up to 38m (10 levels). The development potential and the site’s location approximately 6km southeast of the Parramatta CBD is expected to help drive interest.
Mr Dowdy said growing buyer confidence in the wake of the pandemic is expected to see a competitive auction between a mix of locals, national and international buyer groups.
The building will go under the hammer on April 1, 2021 at 10:30am at CBRE’s Western Sydney ground floor office (10-14 Smith St, Parramatta).