A future office tower at 105 Phillip Street, Parramatta has been sold for $229 million. The property is currently a development site with construction at one of the lower levels.

A future office tower at 105 Phillip Street, Parramatta has been sold for $229 million. The vendor, Dexus Property Group, is listed on the ASX and is an Australian real estate investment trust with $22.7 billion of assets under management. 

The sale was arranged by Michael Stokes and Rebecca Roberts of CI Australia.

The purchaser was Charter Hall Group, through its Prime Office Fund and Direct Office Fund. Charter Hall was launched in 1991 and own and manage real estate throughout Australia; they currently have a managed property portfolio of $19 billion. 

The property is currently a development site with construction at one of the lower levels. Upon completion the development will comprise a 14-storey office building with basement car parking for 200 vehicles, 658 sqm of ground level retail space and 19,730 sqm of office space with column-free floorplates ranging from 1,400 sqm to 1,873 sqm. It is being built for an estimated cost of $95m and aims to achieve a 4.5 star NABERS and 5 star Green Star rating. The NSW Department of Education has pre-committed to leasing space in the new development. 

The vendor, Dexus Property Group, will be responsible for delivering the tower and will remain to manage the property for five years.