Tong Eng & Roxy Pacific have acquired 33 Argyle Street, Parramatta for $40.8m. The vendor, the New South Wales Aboriginal Land Council decided to sell the building having acquired it in 1992.
33 Argyle Street is a B Grade core commercial asset with close proximity to the Parramatta Interchange, Westfield and Parramatta Square.
Previously known as the Ernst and Young Building, the B-grade office building is situated on 2,046 square metre site and comprises circa 5,247 square metres NLA across nine levels. The property’s tenant mix includes Property NSW, the Aboriginal Legal Service and NSWALC.
The sale price represents a passing yield of 4.93% and a fully let initial yield of 5.25% and a rate of $7,730/NLA.
Roxy and Tong Eng Group have partnered several times in the acquisitions of commercial assets including 117 Clarence Street, Sydey which they acquired in 2015. Separately Ting Eng have also been acquisitive in Melbourne with acquisitions in Burwood East and St Kilda Rd areas.
The Argyle Street acquisition will be 40% owned by Roxy Pacific with a private investment company of Teo Tong Lim, Group Managing Director of Tong Eng Group owning the balance.