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26 August 2014 Posted by 


Prime CBD sites could fetch $150m

By Red Dwyer

THE NSW government plans to put two A-grade buildings in the Parramatta CBD on the market as part of its ongoing divestment program in the expectation they could fetch up to $150 million.

The Parramatta Justice Precinct Offices, at 160 Marsden Street, and the former Blood Bank building, at 4 George Street, in the western end of the CBD, comprise a total of 22,000 square metres.

The Department of Public Prosecutions currently occupies the building at 4 George Street and various Department of Justice agencies are located within the Justice Precinct Offices building.

The Blood Bank relocated some time ago to James Ruse Drive in nearby Rosehill.

“The NSW Government is calling for interested parties keen to purchase one or both of the buildings in one line at the Parramatta Justice Precinct,” the Minister for Finance and Services, Dominic Perrottet, said.

“The sale of these two buildings will enable the NSW Government to free up funds and direct them back into NSW government programs which will benefit the whole community.”

“The funds released by smarter use of our assets allow us to better invest in job creating infrastructure like the WestConnex and road upgrades.”

The minister said government was keen to continue its presence in Sydney’s west, with both sites offered for purchase with a lease back to the government for a period of up to 12 years.

Department of Justice operations in Parramatta will not be affected by the sale as the building is being sold on a lease back arrangement to ensure services can continue to operate as normal, the minister said.

Newspaper reports suggest the sale of the buildings could be up to $150 million

The sale of three properties in the CBD in the past two years is indicative – the 19-level 25,728-square-metre office tower, with Deloitte the major tenant, sold for $167 million, the twin tower, 31,954-square-metre NSW Police Headquarters for $242 million and the 15-storey.23,000-square-metre Sydney Water head office for $166 million.

Government Property NSW (GPNSW) is managing the sale of both buildings.


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