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Brookfield sell out of Parramatta

September 28, 2019

Brookfield have sold out of the Jessie Street Parramatta Centre in a deal with Charter Hall and GIC worth $420m. 

 

The complex includes a four-level office podium with an expansive atrium and 15 upper levels of office space totaling 53,901sqm. The building sits on a 13,530sqm site that holds longer-term redevelopment potential. 

 

Brookfield completed extensively refurbishments on the building from 2007 to 2009 worth $64m bring the building up to a 5.5 star NABERS rating. The tower is 99.9% occupied by government and legal tenants with a weighted average yield of  4.5% and generates $26.5m pa in net rent. Brookfield attempted to sell the asset in 2016, appointing JLL to sell the building with ambitions of achieving over $360m. 

 

The transaction will show a yield of approximately 6%. 

 

Charter Hall and GIC are yet to announce their respective interests in the asset, though it is believed GIC will take a majority stake.

 

GIC have increased their exposure to the Sydney office market in the last few months having invested approx $1.0bn in acquiring a 25% interest in Barangaroo Towers 2 and 3 off Lend Lease. 

 

The Jessie Street Centre deal was negotiated by Cushman & Wakefield and Knight Frank.

 

Location Plan:​

 

 

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