Historic CBD cottage among Parramatta offerings
A string of high profile Parramatta properties have been put on the market, including a number of properties owned by the Salvation Army.
The charity group has put three properties on the market in the western Sydney city, with expectations some of them will be redeveloped as mixed-use hotel accommodation or serviced apartments.
Also for sale separately is historic 175-year-old sandstone cottage “Perth House”, which was built in 1841 at 85 George St in the Parramatta CBD.
The cottage figures prominently in Parramatta’s heritage, having been built for George Oakes, Parramatta’s first Legislative Assembly member.
JLL’s John Macree, Michael Binskin and Dylan McEvoy are marketing the building, which sits on a 368sqm block of land and is expected to fetch in excess of $1.7 million.
The property has broad appeal to both owner-occupiers and investors looking to secure a freestanding office building or for use in the hospitality industry as a café or restaurant
Macree says the cottage could attract hospitality operators, and is also being considered as a potential childcare centre.
“This heritage property has a great story to tell with 175 years of local history, and is a fine example of early architecture that is now hard to find,” he says.
“In addition to the heritage appeal, the attraction for potential buyers will be enhanced by the property’s location in the centre of Parramatta CBD, which is being further enhanced by new transport and amenity, and Parramatta’s location as the geographical centre of Sydney, which ensures accessibility.”
“The property has broad appeal to both owner-occupiers and investors looking to secure a freestanding office building or for use in the hospitality industry as a café or restaurant.”
Also on the market are three office buildings owned by the Salvos on a CBD corner site, which are considered ripe for redevelopment.
The properties at 93-95 Phillip St and 32 Smith St are spread over the 2438sqm site, which has a potential new gross floor area of 28,037sqm.
The site is expected to be developed into a mixed-use hotel or serviced apartments.
Macree says potential Parramatta development sites have been a rarity on the market this year.
“This will be one of the first commercial development sites offered outside of the council-led Town Square precinct in Parramatta for some time,” he says.
“Its position as a gateway to Parramatta CBD will provide strong incentive to commercial developers and institutional backed investors, whom we expect to see strong interest from, due to the exceptionally low vacancy of 1% in the prime CBD office market.”