Local investor, Stanley Xue has paid $40 million for a B grade building in Wentworth Street Parramatta.
The 8 level 6,400sqm building at 14-16 Wentworth Ave is located within 150 metres of the Parramatta Train & Bus Interchange and Westfield Shopping Centre. The building is currently predominantly vacant with 4,472sqm currently available for lease.
The purchase price represents a rate per square metre of NLA of approx $6,250/sqm which compares to recent sales in the immediate vicinity of between $8,400/sqm and $9,250/sqm. These sales include Charter Halls sale of 9 Wentworth Ave for $64m in November 2019 and Centuria's sale of 2 Wentworth Ave for $105m in December 2019. The price differential for 14 Wentworth Ave reflects the fact that the property is mostly vacant and offers smaller floor plates.
The vendors Chandru Tolani and Sanjay Kumar paid just $18m for the property in 2012.
The property sits on 1,300sqm site and is currently zoned B3 with a 6:1 FSR. Limited redevelopment options exist within the current planning controls suggesting that the asset will a commercial asset and re-leased.
The adjacent building at 12 Wentworth Street was also reported to have been sold in January this year through Knight Frank Parramatta, though details of that sale have not been released.
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