The commercial property market in Parramatta continues gaining strength with $757.5 million worth of sales reported in the year to March 2018.
Terms have recently been reached on 1-3 Fitzwilliam Street at $82 million. The vendor was a subsidiary of Raffles Education Corporation Ltd, which has its headquarters in Singapore and is listed on the Singapore Exchange. Raffles Education began with one college in 1990 and now operates 22 colleges and universities across the world.
The purchaser, the Propertylink Group, is a leading investment manager of Australian investment grade property. They focus on business parks, industrial property and commercial offices and have over $1.8 billion of assets under management in Sydney, Melbourne, Brisbane and Perth.
The sale is conditional on continuing due diligence and FIRB approval.
According to Parramatta Cityscope 1-3 Fitzwilliam Street is a seven-storey office building with basement car parking for 106 vehicles plus a roof-top sports floor, tennis court and sauna. The building has an area of 9,782 sqm and is leased to various educational facilities including Parramatta City Library, Raffles College of Design & Commerce and Southern Cross School of Business.
If the sale proceeds at $82 million the vendor will book a fairly respectable profit after having bought the building for $29 million in 2014.