NSW Government seeks $30m for Parramatta pub site
Government Property NSW has tipped a major development site in Sydney’s Parramatta onto the market, with hopes of fetching more than $30 million from a publican or a hotel developer.
The state’s property arm has appointed JLL’s Sam Brewer and John Musca to sell the ageing office block at 127 Argyle Street, in prime position opposite Parramatta’s train station and adjacent to the local Westfield shopping centre.
The freehold site is being offered to market carrying a hotel licence and gaming assets and is being pitched as a potential hotel and pub within a broader development.
The site at one stage was earmarked for a $100 million office tower by St Hilliers, which committed to pay $22 million for it around 2008.
The construction giant appointed Hassall Architects to design a scheme for the site, but plans were eventually derailed by the global financial crisis.
If the residential development potential of the site is realised, it could allow for district views over Parramatta River to the CBD and surrounding areas
Agents marketing the site have called it one of Parramatta’s most attractive opportunities for a mixed-use development.
“The site’s location in the centre of Parramatta provides an excellent retail and transport offering,” JLL metropolitan sales and investments head Brewer says.
“If the residential development potential of the site is realised, it could allow for district views over Parramatta River to the CBD and surrounding areas.”
The site comes to market at the same time listed property owner Elanor Investors Group is looking to cash in on the Parramatta apartment boom with the offer of the John Cootes Furniture site that could reap offers of about $60 million.
The site at one stage was earmarked for a $100 million office tower by St Hilliers
After three decades as the furniture business, Elanor will bring the Woodville Rd property in Merrylands to market via an expression of interest campaign.
Frank Oliveri and Peter Vines of CBRE and Stuart Cox and Neil Cooke of Savills will handle the sale.
The move follows the recent gateway determination by the NSW Department of Planning and Environment in support of the rezoning and redevelopment of the 26,135sqm site into a mixed-use scheme comprising about 540 apartments and 7500sqm of retail and commercial space.
– with Ben Wilmot
This article originally appeared on www.theaustralian.com.au/property.