The latest news from Parramatta Cityscope shows that although sales have declined significantly in the last twelve months ($279 million for the year to September 2021 compared to$1.2billion for the previous year)sales in thequarter to September 2021 of $90.5 million show an increase compared to the $13.7 million in the previous quarter.
Included in this quarter’s sales is the purchase of possible future headquarters for the City of Parramatta Council. The Council was previously at 30 Darcy Street, purchasing it in 1991, moving in 1993 and occupying the building for 20 years. This was demolished in 2015 in preparation for the Parramatta Square development. The Council has purchased 9 Wentworth Street for $64 million through agents, Knight Frank Sydney and Colliers International. The vendor was Mayrin Nine Pty Ltd, part of the Mayrin Group headed up by William Wu.
9 Wentworth Street is a seven-storey office building with six levels of office space, ground floor foyer and restaurant, and basement parking for 91 cars. It was completed in 1988 by Girvan and was formerly known as Wentworth Place. The building has a total net lettable area of 7,650 sqm and typical floor areas of 1,200 sqm. Tenants include Department of Home Affairs, Australian College of Nursing and Queensford College.
The property last traded at $64.25 million in November 2019. This sale at $64 million represented an initial yield of 5.78% on passing income of $3,760,000.