The 16-18 Wentworth Street property has a net lettable area of about 6,672sqm over ground floor retail tenancies with seven upper levels of office accommodation.
Major tenants include the Australian Vocational Learning Centre Pty Ltd, the Department of Education & Training, the State Rail Authority and the Ministry of Transport.
The transaction was successfully negotiated off-market. Mr Tolani said the Parramatta office market continues to outperform other Sydney metropolitan markets.
He said while investment activity has been subdued over the past six months in the Parramatta commercial market, this has been as a result of limited stock rather than buyer caution.
The acquisition of 16-18 Wentworth Street highlights the continued demand for well-located assets with solid tenancy profiles in the Parramatta CBD, he said.
The property is prominently located on the corner of Wentworth Street and Parkes Street in the south eastern commercial precinct of the Parramatta CBD.
The acquisition follows the purchase of 1-3 Fitzwilliam Street, Parramatta for $28.3 million in December 2010 by Mr Tolani via one of his group companies Chandru Property Investments Pty ltd. This brings Chandru’s investment in Parramatta to $50 million.
