A well located building in the heart of Parramatta has changed hands for $277 million. Eclipse Tower at 60 Station Street is virtually next door to Parramatta Station and across the road from the Parramatta Interchange.
Agents for the sale were Knight Frank Sydney and CBRE Sydney. The vendor of Eclipse Tower was super fund REST, the industry superannuation fund that was established in 1988 for employees within the retail sector.
The purchaser was the GPT Group, a real estate investment trust that has been publicly listed in Australia since April 1971. GPT now owns and manages a $22.7 billion portfolio of offices, business parks and shopping centres across Australia. The group already owns several Parramatta properties, two in Phillip Street and a development site slated to be a 28-storey tower at 32 Smith Street.
According to Parramatta Cityscope, Eclipse Tower is an A-grade, 22-storey building comprising of 19 levels commercial office space, ground floor retail space and two levels of basement parking for 144 vehicles. It has a building area of 25,000 sqm and a 5-star NABERS rating. The building is occupied by government tenants Service NSW and Landcom and, with four levels, financial services firm, Deloitte.
The building last traded at $167.5 million in late 2012.