Charter Hall Direct Property Fund have sold 9 Wentworth Ave Parramatta for $64.25m.
The modern A-Grade office tower comprises 7,650.6sqm of space of which 62% is leased to the Commonwealth Government and a further 32% to other businesses on a 3.5 WALE. The property generates a net passing income of $3,290,108 per annum producing a yield on the purchase price of 5.12%.
Charter Hall acquired the asset in 2016 for $42.2M. Charter Hall Direct chief executive Steven Bennett said, “The proceeds of the sale will be reinvested into high quality assets with longer WALEs, like the recently announced acquisition of a $165 million Macquarie Park office complex leased to the NSW government on a long 12-year lease term.”
The building sits on a 1,627sqm site which has the potential for further development. It adjoins a Council car park to the rear of the site.
The transaction was managed by CBRE and Knight Frank.
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