Parramatta. Office building sells for $48.4m

A private investor is buying the Grosvenor Group’s eight-level, 10,500-square-metre office building, at 25 Smith Street (on the corner of Smith and Macquarie streets in the CBD) for $48.4 million, showing a yield of just less than 8 per cent, according to The Australian Financial Review. The building, fully leased to Insurance Australia Group, was a joint venture development between Grosvenor and Leighton Properties. Grosvenor is developing another property in the Parramatta CBD, a 20-storey office tower, at 60 Station Street, opposite the Commercial Hotel, which is undergoing a significant expansion and expected to be completed by March/April next year.