PARRAMATTA Parramatta Has Thrust Itself Into the Spotlight and Become One of the Most Talked About Metro CBD’S in the Country

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PARRAMATTA Parramatta Has Thrust Itself Into the Spotlight and Become One of the Most Talked About Metro CBD’S in the Country PARRAMATTA Parramatta has thrust itself into the spotlight and become one of the most talked about Metro CBD’s in the country. With increased development activity and a tight leasing market, Parramatta is the shining light in the commercial property sector. With all major Sydney metro office precincts experiencing an New Developments will Increase Backfill Supply increase in net face rents over the last year, the spotlight has been firmly set on Parramatta. The market has recorded the The lack of supply is expected to continue until at least until largest rental increase across the country at a 12.4% over the the end of 2020, when several new office developments past year as well as the lowest A-Grade vacancy rate in the will complete. As Sydney’s fourth largest office market the country at 0.8%. Notably, B-Grade assets have reached a 24 commercial core currently sits at approximately 705,416sqm year low with a vacancy rate of 3.2%. but through planned development, is expected to exceed 1,000,000m2 by 2020. Nevertheless, speculative supply will be With the Parramatta market named the tightest office market limited as most of the upcoming developments have high levels in Australia, there is no surprise one of the country’s fastest of pre-commitment including: growing metro CBDs is attracting attention from off shore investors from Asia, Europe and the Americas for the first time • 3 Parramatta Square ever. (43,000m2 – pre-committed by NAB) • 4 Parramatta Square Colliers International expects the vacancy rate to trend down (62,552m2 – fully leased to Property NSW) below 2.0% by the end of 2019 before gradually rising toward 4.3% over the following 12 months. With the majority of backfill • 6 Hassall Street supply being in the prime market, A Grade vacancy could forecast (28,000m2 – 50% pre-committed to UWS and UNSW) to be above 5.0% by early 2021/2022, whist secondary vacancy is expected to remain around 2.0%. Nevertheless, we anticipate • 32 Smith Street the net absorption will be commensurate with the increase in (26,000m2 – 50% pre-leased to QBE). backfill space. Demand is expected to generate from tenant migration from surrounding suburban locations as well as an Backfill supply, however, is expected to increase due to emergence of flexible and co-working operators in the market. some tenants vacating their existing premises for these new developments. Specifically, backfill options will include 11,600m2 at 60 Station Street following the departure of QBE, There has been a distinct focus on the state government’s as well as circa 15,000m2 when the Office of State Revenue decentralisation policy with 130,000m² of occupied space (132 Marsden and 87 Marsden Streets), and the Department of currently coming out of Sydney CBD to date and another Planning and Environment (10 Valentine) relocate. 150 and 101 10,000m2 over the next 12 months. Parramatta CBD is seen George Street 39,500m2 will also lose Commonwealth Bank to as the greatest benefactor in the Sydney metropolitan office ATP in Redfern, significantly the only loss to another market in markets to this decentralisation. the past 12 months. GPT’s 26,000m2 commercial tower at 32 Smith Street Parramatta is now 3 levels out of the ground and completion is expected by mid-2020. They are currently in discussions with tenants to fill the remainder of the building. MOVEMENT IN THE MIDDLE MARKETS Leasing Investment Market The current market place within the Parramatta CBD shows it The main investment trend which emerged in 2018 was the being two tiered due to the shortage of quality and contiguous emergence of offshore groups into the market, this is still evident A Grade accommodation. Currently, incentives are low when in 2019. This is the first time Parramatta has seen activity from compared to other Sydney Metropolitan markets, due to this overseas buyers as they seek quality assets at an affordable price. tight vacancy. However, if viable steadfast options emerge in the market, incentives have the potential to increase. • 91 Phillip Street sold for $56.63m at a yield of 5.09% and rate of $9,291/m2 (Blackrock); Notable leasing deals include: • 33 Argyle Street sold for $40.80m at a yield of 5.47% and • 3,000m² at 80 George Street, Parramatta for 5 years at rate of $7,728/m² (Roxy); $475 net; • 9 George Street sold for $4.3m at a yield of 3.68% • 185m² at 3 Horwood Place, Parramatta for 3 years at passing, 5.5% fully let and rate of $8,000/m² $495 net and; (CBIC – interstate). • 6,250m2 at 18 Smith Street, Telstra at $570 net for 7 The tightening of the market has resulted in no transactions in years. 2019 to date, but 1 Fitzwilliam Street and 80 George Street are currently in the market and expect to exchange before the year Average A Grade net face rents are now ranging from $520 - is out. $580/m2, and for B Grade properties the net rents range from $460 - $500/m2. Incentives are generally ranging from 15% Major Infrastructure - 20% for both A Grade and B Grade properties where longer lease terms have been negotiated, but we anticipate incentives Infrastructure spend in the Western Sydney Market is booming, to remain steady as we move into the back half of 2019 as with Parramatta Square now 70% completed, a $1 billion quality contiguous A Grade stock remains at circa 15%. Rentals upgrade committed on Westmead Hospital, BankWest Stadium for prime new A grade accommodation are expected to range now completed, developments to the Powerhouse Museum, and 2 2 from $580 - $630/m . Outgoings remain at circa $90/m to the first high rise Parramatta High School. Supporting these 2 $110/m though new buildings are designed to achieve higher developments is the Parramatta Light Rail, M4 upgrades and M4 environmental ratings which should provide savings. tunnel between Homebush and Haberfield, bypassing 22 sets of traffic lights, which will form part of the WestConnex tunnel to The shortage of available stock is still driving the low vacancy be completed in 2023. but this will change in 2020 and 2021 when backfill starts to hit the market. > 9 George Street, Parramatta sold for $44,300,000 by Colliers International Written by: John McCann National Director Sydney Metro Sales, NSW Investment Services [email protected] +61 418 230 792.
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