Landmark Parramatta properties listed amid urban transformation
Even in the midst of large-scale urban development and new infrastructure, bustling Parramatta retains many of the historical landmarks that are testament to the city’s colonial history.
One of these, Perth House in George Street, is for sale with price expectations over $1.7 million.
Built around 1841, the sandstone cottage at 85 George Street was originally home to pastoralist George Oakes, who became the first Member of the Legislative Assembly for Parramatta.
The property has also been home to other notable residents, including architect and builder James Houison in the late 1800s. Houison built many significant buildings in the city in the 1800s, including the Georgian mansion Macarthur House.
“This heritage property has a great story to tell, with 175 years of local history, and is a fine example of early architecture that is now hard to find,” says John Macree, JLL regional director, sales and investments – NSW.
Mr Macree says in addition to the heritage appeal, potential buyers will be attracted by the property’s location in the centre of Parramatta CBD, which is being further enhanced by new transport and amenity.
“The property has broad appeal to both owner occupiers and investors looking to secure a freestanding office building or for use in the hospitality industry as a cafe or restaurant,” he says.
Mr Macree is marketing the 368-square-metre site with colleagues Michael Binskin and Dylan McEvoy in an expressions-of-interest campaign.
The property has development approval for a commercial kitchen as well as heritage controls to preserve the building, which is to be sold with vacant possession.
Mr Binskin says Parramatta remains a key focus for investors and owner occupiers.
“Many assets at the larger end of Parramatta’s residential development and commercial office sectors have exchanged over the past 12 to 24 months,” he says.
Mr McEvoy says: “As a result, the stock base has tightened significantly and buyers are increasingly attracted to the low vacancy rates in Parramatta and stable investment environment at the lower end of the pricing spectrum, to expand their portfolio or enter the market.”
In another expressions-of-interest campaign, JLL is selling three more key Parramatta properties in conjunction with Raine & Horne Commercial Parramatta.
The Salvation Army property at 32 Smith Street and 93-95 Philip Street, Parramatta, are for sale. Photo: Google
The buildings currently owned and occupied by The Salvation Army as office and church hall accommodation are on the corner of 93-95 Phillip Street and 32 Smith Street.
Agents describe the property as a prime redevelopment site. It has an area of about 2438 square metres, with a potential new gross floor area of 28,037 square metres.
JLL’s Mr Macree and Mr Binskin are managing the campaign with John Surian, managing director of Raine & Horne Commercial Parramatta.
Mr Surian says demand and interest in Parramatta commercial development is the strongest he has seen in 43 years.
Three buildings owned by the Salvation Army for sale – 93-95 Phillip Street and 32 Smith Street, Parramatta. Photo: Supplied
The site is expected to appeal to a range of potential users, but is expected to be redeveloped as a mixed-use hotel or serviced apartments and commercial site, to take advantage of the attractive 10:1 floor space ratio.
Mr Macree says the site’s position as a gateway to Parramatta CBD will provide strong incentive to commercial developers and institutional backed investors.
Strong interest is expected because of the exceptionally low vacancy of one per cent in the prime CBD office market.
Mr Binskin says the new Western Sydney University and other key infrastructure, retail and attractions heading to Parramatta, including the Powerhouse Museum and the short film festival Tropfest will attract and retain developers, investors, owner-occupiers and tenants.
