NSW Parramatta police HQ sold to Growthpoint

NSW Parramatta police HQ sold to Growthpoint
NSW Parramatta police HQ sold to Growthpoint

Growthpoint Properties Australia has exchanged contracts for the acquisition of the New South Wales Police headquarters in the Parramatta CBD.

The purchase will be funded by an equity raising of $80 to $125 million and, depending on equity take-up, $131 to $176 million from expanded existing debt facilities. 

The 1 Charles Street building was purchased from AustralianSuper.

Listed through CBRE, the 2003 two tower office complex comes with parking for 444 vehicles. It had a total lettable area of 32,700 square metres.

The South African-backed Growthpoint Properties Australia headed the field, against rival Cromwell Property Group after the ­expression of interest campaign closed through Josh Cullen and Rick Butler of CBRE earlier this year.

With a 7.6% yield, the property is fully leased to the NSW state government with a significant remaining lease duration of 10 years and a further five year option period. 

Growthpoint Properties Australia now owns interests in a diversified portfolio of 51 office and industrial properties throughout Australia valued at over $2 billion.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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New South Wales Reits

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