The Catholic Church has acquired 470 Church Street Parramatta for their own use, in the latest transaction in Sydney's second CBD.
The property was sold by development company, Level 33 run by Eddy Haddad. Level 33 acquired C Grade the property in November 2018 for $21.5M.
The five-storey, 3667-square-metre building, known as Regency Square, has four office floors, two ground-floor showrooms and 1112 car spaces.
A planning proposal for site was lodged by Think Planner Pty Ltd in July 2016 seeking to increase the maximum height limit from 24m to 80m and increase the floor space ratio from 3:1 to 6:1. The proposal was approved in 2017 via a Gateway determination but is still awaiting implementation.
The Catholic Church will however use the building as a much-needed head office for the diocese, bringing together employees currently working at various sites scattered across western Sydney.
Also sold this week in Parramatta was a small site at 107 George Street, currently occupied by the Police Youth Citizens Club. The vendor Charbel Demian was hoping for offers near $10M for the 631sqm site and ultimately sold the asset for $9M.
We've recorded 9 transactions this year in Parramatta, including 9 George Street for $44.3M, 33 Argyle Street for $40.8M, and 4 &6 Hassell Street for $43M.
The 470 Church Street asset was sold by Khoury & Partners.