Parramatta’s landmark Eclipse Tower is to be offered for sale by Rest .
Completed mid-2012, the 23-level, A grade property is expected to attract strong interest from local and offshore groups due to the quality of the asset, prime Parramatta location and genuine lack of high-quality stock to be offered to the market on a national basis in 2018.
Knight Frank and CBRE have been jointly appointed to sell the asset on behalf of Rest.
Knight Frank’s Paul Roberts, Joint Head of Institutional Sales, Australia said the campaign presented a highly attractive opportunity for investors.
“The sale provides an opportunity to secure high quality A-grade office space in the heart of Parramatta – one of Australia’s strongest performing office markets,” Mr Roberts said.
“The building provides a robust cashflow and offers strong tenant retention prospects, given most leases are in their first generation. Parramatta CBD’s near zero vacancy will be another attraction for investors as will the quality of the building’s improvements and access to transport.”
CBRE’s James Parry, State Director, Capital Markets, said the property was also ideally positioned to benefit from greater Sydney’s forecast growth and planned infrastructure upgrades.
“As the second largest economy in NSW, Western Sydney is set to benefit from ongoing population growth and $32 billion in infrastructure spending,” Mr Parry said.
“The Parramatta CBD is forecast to provide the highest seven-year annualised returns of any office market in the country, underpinned by the market’s strong underlying fundamentals and forecast rental growth.”
60 Station comprises 25,729sqm of net lettable area, incorporating ground floor retail, basement parking for 145 vehicles and 193 bicycle racks. The award-winning building also benefits from a 5 Star Green Star Office Design Rating and a 5 Star Green Star As Built Rating, from the Green Building Council of Australia.