DEXUS has settled on the sale of the 140 George Street office tower development site in Parramatta to the Dexus Office Partnership.
Last month, Dexus gained approval from the Parramatta City Council to develop a 33-storey office tower, tapping into demand in Sydney’s fastest growing city.
Located on the corner of George and Charles Streets, the $500 million development will comprise an A-grade office building with 45,700 sqm of space, set on a 11,404 sqm site.
Dexus said the trading profits from the sale, when combined with the trading profits received from 105 Phillip Street, Parramatta, will achieve Dexus’s FY18 target of between $35 million and $40 million post-tax.
It sold the A-grade, 15-storey 105 Phillip Street tower of 25,000 sqm last year for $229 million to a joint venture between Charter Hall’s Prime Office Fund and Direct Office Fund.
Australian Property Journal
