Fully refurbished Justice Precinct office building purchased by non-profit organisation following competitive negotiations
Colliers has successfully negotiated the $9.05 million off-market sale of 11 George Street, Parramatta, setting a new benchmark in the current market for boutique office assets in the precinct.
The fully refurbished building was purchased by an owner occupier who will run a non-profit organisation from the premised. The building was originally refurbished by the vendor, who intended to occupy the asset but instead purchased another property from Colliers’ John McCann and relocated their business there
With 11 George St surplus to the vendor needs Colliers’ John McCann was initially appointed on an exclusive basis to take the property to market via an on-market campaign. However, the rarity of high-quality, fully refurbished owner-occupier stock in Parramatta’s within the tightly held Justice Precinct generated strong early enquiry resulting in 2 off-market offer being secured prior to launch.
The vendor ultimately accepted the $9.05 million offer following extended negotiations delivering a record result for a boutique office asset in the area at approximately $12,400 per square metre.
“We were appointed to take the property to market, however the rarity of a building of this calibre in Parramatta generated immediate interest. We had two parties actively looking at the building, and given the quality of the works and the scarcity of assets of this size in the precinct, it achieved a strong result for the vendor,” said John McCann, National Director, Sydney Metro Sales | Office Capital Markets & Investment Services.
The non-profit organisation represented by buyers’ agents Costi Cohen, Tas Costi and Sasha Rodriguez were actively looking for assets in the Parramatta CBD.
Located at 11 George Street, the freestanding commercial asset comprises approximately 729 m² of net lettable area across three levels with basement parking, positioned within Parramatta’s legal and government precinct.
The property had recently undergone a near-complete rebuild-style refurbishment after the vendor originally intended to occupy the building themselves. Works effectively gutted and repositioned the asset including a new lift installation, upgraded end of trip facilities, new air-conditioning systems and premium kitchen, bathroom and flooring finishes, resulting in a near-new commercial building.
The transaction reinforces continued demand for boutique, high-quality office assets in Parramatta particularly from owner-occupiers and private groups seeking long-term headquarters-style accommodation outside the Sydney CBD.
This follows Colliers transacting a number of owner-occupier sales within the Parramatta precinct last year with demand over the past 12 months on the rise.
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