GPT Secures new Parramatta Site

20 April 2020

Unperturbed by the mid term impacts from COVID19, GPT has paid $75m for its next development site in Parramatta.


In a complex deal involving multiple vendors, GPT has so far consolidated a 3,150sqm site with the potential to increase the area to 5,200sqm.


APM.News identified the consolidation play early last week, however GPT declined to comment on their moves.


As part of the deal, GPT have paid approximately $42m for 91 George Street, a 7 storey B Grade building sitting on a 1,400sqm site. The strata titled building is held by approximately 30 owners and was sold under a collective sale agreement.


GPT have also acquired the neighbouring 1,353sqm site at 89 George Street for 430m. The site was sold by JL Parramatta P/L who acquired the property in 2015 for $9.52m. JZL obtained approval for a 24-storey 4.5 star hotel comprising 300 rooms, restaurant and bar, ballroom and 60 above ground car parking spaces. The Hotel was to have been operated by Four Points by Sheraton, however the site was put up for sale in March 2019.


GPT entered into contracts to acquire the site in late December 2019 and settled on the 9th April 2020.


GPT also acquired part of the neighbouring property at 85 George Street for $3m. The site contains a heritage listed house known as Perth House & Stables in 1 lot, which GPT have acquired. The strata titled site also contains a 7 storey B Grade office strata office building at the rear of the site, which GPT have not yet secured.


Several parties own multiple strata's in the building at 85 George Street, including Travolta Holdings who hold 12 of the 42 lots. It is understood that GPT are seeking to acquire a majority of the strata lots in order to gain control of the whole building under the new Strata laws.


If successful, GPT will control a site of approx 5,200sqm which is capable of holding 52,000sqm of office space given the 10:1 FSR and a height limit of 120m. Any redevelopment of the site will need to retain the heritage building which dates back to 1841.


GPT are currently developing a 29 level A Grade Office building at 32 Smith Street Parramatta, anchored by financial services group QBE. Completion of the building is expected in late 2020.