Cityscope’s most recent research in the commercial CBD of Parramatta shows that sales’ value have decreased. In the quarter to June 2020 there were 16 sales at a total value of $163 million, compared to the 13 sales at a total value of $219 million in the previous quarter. However, over the 12-month period it has increased with 81 sales at a total value of more than $1.347 billion for the year to June 2020, compared to the 61 sales at a total value of $886.5 million for the previous year.
Showing confidence in this market is the buyer of 16-18 Wentworth Street in the Parramatta CBD. In a sale arranged by Ray White Commercial Western Sydney, an interest associated with Stanley Xue of Sydney is reportedly the buyer, paying $40 million for the property. According to Parramatta Cityscope it is a B-grade, eight-storey commercial building with car parking for 74 vehicles over three basement levels. Built in 1991 the building sits on a 1,333 sqm site and has a net lettable area of just over 6,700 sqm. It is currently far below full occupancy, however, has a strong location right next to the Parramatta bus and rail exchange. Tenants include Empower IT Solutions, APD Engineering and Australian Vocational Learning Centre.
Prior to this sale the property last traded in 2012 at $18 million.