A Parramatta retail property owned by the same family for nearly 40 years could be transformed into much-needed office space after being listed on the market with a price tag of $12 million or more.
The site at 302 Church Street – in the heart of Parramatta’s famous “eat street” precinct is currently fully leased to eight food and beverage and retail operators including Coco Cubano, Pho Mai and Rio Brazilian Restaurant.
Agent Peter Vines, managing director of Ray White Commercial NSW-Western Sydney, said there was potential to convert the upper floor into separate office space, either as traditional office leases or a coworking operation.
Mr Vines said Parramatta’s tight office market the vacancy rate is currently 2.7 per cent, according to the Property Council of Australia’s latest Office Market Report – meant conditions were ripe for a partial office conversion.
“There’s a shortage in particular of small offices in Parramatta,” said Mr Vines, adding that within Parramatta “there’s space being built for larger corporates but there’s not a lot of smaller spaces for start-ups or small business”.
The Church Street building is being advertised as having “underlying development potential” under a proposed increase to the floor-space ratio limits in the Parramatta CBD, but Mr Vines said the property’s narrow 774.
“There’s a lot of people from around Sydney and even interstate who are looking for a return on their money at the moment and Parramatta as an area is so sought after.