Parramatta office building leased to Australian Government tipped to sell for $70m

Real Estate

An office block at 9 Wentworth Street in Parramatta has come up for sale.

A six-storey office building leased to the Australian Government is set to be the first major commercial transaction to take place this year in Parramatta.

The modern A-grade tower at 9 Wentworth Street will be taken to the market via an expressions of interest campaign where it is tipped to sell for circa $70m.

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About 60 per cent of the 7650sqm net lettable area is currently leased by the Australian Government, with other tenants including the Australian College of Nursing and Wilsons Parking.

Real Estate

Sixty-two per cent of the building is leased to the Australian Government.

Fully occupied, the building is generating its owners, Mayrin Group, about $3.6m in net income per annum.

The office tower hits the market at a time when many Australians are returning to the workplace following the pandemic. The lockdown had wrecked havoc on the office tower sector as many companies look to downsize their leased space.

Knight Frank agent Dominic Ong, who is selling the property with Tyler Talbot, said the property was expected to generate significant interest from both domestic and overseas buyers due to it being a “quality” investment.

“Parramatta’s evolution as a commercial hub has been meteoric, and investors are increasingly attracted to the growth area, which is becoming the new epicentre of Sydney,” he said.

Real Estate

The tower has eight levels and is expected to appeal to domestic and international buyers.

“This particular property is a quality asset underpinned by secure income, in what has historically been one of Australia’s tightest office markets, with vacancy currently siting at below seven per cent.”

Wentworth Place as it is known, could also appeal to buyers who were looking to undertake a redevelopment of the site.

“The mixed-use zoning and substantial site size of this Parramatta property also supports medium to long-term redevelopment potential as the area continues to evolve,” Mr Talbot said.

The tower is located close to Parramatta train station, a Westfield and the upcoming light rail.

Expressions of interest on 9 Wentworth Street are due to close on May 27.