A shop in the heart of the Parramatta CBD currently occupied by a barber has sold at auction for $1.03 million.
The 85sq m property at Shop 2, 52 George Street, is in a prime street front central CBD position adjacent to a public parking station and opposite the Metro Station site, near the near Powerhouse Museum and proposed Civic Link.
It is tenanted by M&A Bizy Scissors, which has a lease in place until early 2027.
It was purchased at auction by an owner occupier that has operated in the area for more than 16 years.
The auction campaign was run by Knight Frank and Inveraray Property.
Knight Frank agent Patrick Harlalka said the property attracted significant interest at auction, from a mix of investors and owner occupiers.
“There were four bidders at the competitive auction for the prominent retail space,” he said.
“The location was a huge drawcard, with the property having scarce frontage to a busy street in the middle of the Paramatta CBD, as well as being situated across the road from the Metro Station.
“It is also across from Civic Link, which is one of the most anticipated infrastructure projects in New South Wales, as well as forming part of a high-growth commercial and civic precinct.”
Civic Link, a planned green and activated pedestrian spine running from Parramatta Square to the Parramatta River, will be the major pedestrian thoroughfare connecting Parramatta Station to the Powerhouse Museum via the new Metro Station.
Properties along this route, including 52 George Street, will benefit from significant exposure to a high volume of passing foot traffic.
Mr Scales said Parramatta was a growth area, and was attracting strong investor interest as a result.
“The city is establishing itself as Greater Sydney’s second CBD, with major public and private sector investment across a range of areas.
“Between 2022 and 2041, the City of Parramatta is projected to add over 130,000 new residents and 117,000 new jobs, driving demand for high-quality retail, commercial, and mixed-use offerings.”
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