Marprop re-enters Parramatta market

Following the sale of its office building at 93 George Street in December 2015, Marprop Real Estate Partners has moved back into the Parramatta office market with the acquisition of an office tower in Church Street.

The property development, investment and service company has purchased 126 Church Street for just over $42 million from an undisclosed private investor.

Current net passing income is $3.818 million. On a fully leased basis the net annual income is estimated at $4.039 million, which would show the purchaser a yield of 9.6 per cent.

“This transaction is a strategic investment for us in the Parramatta market and fits Marprop’s value-add investment criteria, says Marprop CEO James Marshall.

The 12-level building has a net lettable area of 9809 sqm plus parking for 54 cars. It is located opposite Westfield and adjacent to Parramatta’s transport hub.

“Parramatta is expected to continue to benefit from strong tenant demand and the current major infrastructure investment, which includes the new light rail and Parramatta Square,” says Marshall. 

The deal was introduced to Marprop by John McCann of Colliers International and negotiated by Marprop’s head of investments, Fabian Liaw.