The GPT Wholesale Office Fund acquires strategic development sites in the Parramatta CBD

The GPT Group (‘GPT’) has announced that the GPT Wholesale Office Fund has recently acquired four properties to create an amalgamated development site of 3,150 square metres (sqm) in the Parramatta CBD. The properties acquired are 81 George Street, 83 George Street, 1 Barrack Lane and the heritage Stables building at 2/85 George Street.

The GPT Wholesale Office Fund’s contiguous land holding in Parramatta is now approximately 6,500 sqm, with these latest acquisitions adding to existing holdings at 87-91 George Street and the heritage listed Perth House, which GPT acquired in April 2020 for c $75m.

These latest acquisitions provide the GPT Wholesale Office Fund with the ability to develop a large new precinct in a central location, comprising two prime office towers surrounded by a lively heritage listed courtyard, designed for the future of work and will capture the growth of Parramatta as Sydney’s second largest CBD over the next decade.

Martin Ritchie, Fund Manager of the GPT Wholesale Office Fund, said: “This is an exciting opportunity for the GPT Wholesale Office Fund to invest in the evolving Parramatta CBD market and create more value for its investors.

“The Parramatta CBD market is in a major transition with significant private sector investment coinciding with strong State Government infrastructure investment, including the Parramatta light rail, Sydney Metro West, Western Sydney Airport, and significant urban and road upgrades.

“We see Parramatta as an attractive alternative to the Sydney CBD market for tenants, given the improved accessibility and amenity Parramatta has, and will increasingly have to offer, as the area continues to grow.

“We look forward to preserving the historic buildings on site and leveraging their aesthetic appeal, including the courtyard which includes Parramatta’s oldest and largest fig tree, the historic Perth House and Stables building. These will be activated with food and beverage offers, creating a vibrant new entertainment quarter for office workers and the local community to enjoy.”

Stage one of the precinct development is nearing completion of a design competition, with a winner to be announced shortly and Development Application approval expected at the end of 2022. It is proposed that stage one will see a 60-level 75,000 sqm office tower developed, to be followed by a 35-level 50,000 sqm office tower developed in stage two. Construction of stage one could begin as early as 2024.

In 2020, the GPT Wholesale Office Fund achieved Carbon Neutral Certification across 100% of its operating portfolio. This was independently certified by NABERS and the Australian Government’s Climate Active for Buildings. The GPT Wholesale Office Fund continues to create sustainable buildings of the highest quality.

The GPT Group has existing office assets in Parramatta, including the newly completed 32 Smith Street tower and Eclipse Tower at 60 Station Street.