Parramatta. $20m sale a 'much needed boost'

Becton Office Property Fund No 2 has sold the six-storey office building, at 93 George Street, in the corporate precinct of the Parramatta CBD, to Melbourne-based Quintessential Constructions, for about $20 million. The yield is believed to be well above 9 per cent, said The Australian Financial Review. Becton bought the building in 2002 for $19.1 million. The sale is a much needed boost for Sydney’s outer metropolitan market where few buildings have changed hands this year,” the paper said.