PROPERTY GIANT GPT SECURES THREE PARRAMATTA SITES FOR $75 MILLION
Widely referred to as the second CBD of Sydney, a new significant development site has been snapped up by Leading Australian Property Group & Real Estate Investment Trust GPT.
The future development site on George Street in the heart of the Parramatta CBD was secured for $75 million and covers about 2,871sqm.
A prime position, sitting in close proximity to the proposed Sydney Metro West station which will provide a direct 20 minute train to the CBD, the site is expected to be able to accommodate up to 75,000sqm of prime office space with developed.
The three amalgamated sites include the historic Perth House, a single-storey stone homestead, the Better Brakes single storey warehouse and showroom and the third property is a seven-storey office building whose 30-odd strata owners combined to transact with GPT.
GPT has been one of the major players into Parramatta, where the state government is directing infrastructure development to bolster the precinct’s status as a business hub with an agreement with QBE to anchor a $300m office development 2 years ago and the purchase of a key office building – the Eclipse tower.
Development opportunities in Parramatta entered into the spotlight in 2016 when it was identified as a key part of the future development of Sydney in plans unveiled by the Greater Sydney Commission.