Local private investor and prominent member of the Australian Indian community, Chandru Tolani, Managing Director of Chandru Enterprises Pty Ltd has purchased a fully occupied office building in Parramatta for $18 million.
The 16-18 Wentworth Street property has a net lettable area of approximately 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.
The Parramatta office market continues to outperform other Sydney Metropolitan markets.
Mr Tolani 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 becoming available 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.
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 third largest commercial office market in Metropolitan Sydney.
The acquisitions of 16-18 Wentworth Street follows the purchase of 1-3 Fitzwilliam Street, Parramatta for $28.3 million in December 2010– by Chandru Tolani via one of his group companies Chandru Property Investments Pty ltd. This brings Chandru investment in Parramatta to $50 million.
Fitzwilliam street building comprises two levels of basement parking, ground floor office/retail suites and six upper levels of office accommodation. The property was 100% leased at the time of sale to the State Property.
Chandru Enterprises Group specialises in the acquisition and management of commercial and leisure assets. In recent years the group has returned above market returns to investors who have participated in the groups investments. The group now has plans to expand in to the aged care sector.