Tuesday, 13 April 2010

Parramatta. Dramatic increase in sales volume

Quarter four of 2009 saw investment activity in Parramatta closely mirror sales results in North Sydney with a dramatic increase in sales volume, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report The sales of 25 Smith Street, $48.4 million, 93 George Street $18.5 million, and 20 Charles Street, $20.2 million, all helped to confirm the current yield level in Parramatta. As at March 2010, grade A yields ranged between 8.75 per cent and 9.50 per cent, with the indicative rate of 8.75 per cent, compared with the 7.31 per cent recorded in December 2007. Grade B properties performed similarly over this period with indicative yields sliding out from 8.57 per cent to 9.89 per cent over the same period. The resultant drop in capital values between December 2007 and December 2009 is likely to have been 14.9 per cent and 10.7 per cent for grade A and B respectively, the report said.

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Parramatta. Massive potential for office space

The Sydney Water headquarters was the only significant addition to the Parramatta market over the last two years and this trend is likely to continue in 2010, with no office buildings forecast to complete during the year, according to the CB Richard Ellis Sydney Metropolitan Office, first quarter 2010 Marketview report. There are a number of development sites scattered throughout the Parramatta CBD, such as, the Exchange, 2 Fitzwilliam Street/127 Argyle Street, Eclipse, 60 Station Street, 105 Phillip Street, 111George Street and Civic Place. The selection of prime development sites could yield over 150,000 square metres and there is the potential for these buildings to begin construction over the short term, which will allow Parramatta to compete with the emerging markets, which surround it such as Homebush Bay, Rhodes, Macquarie Park and Norwest. Parramatta has 682,557 square metres of office space. As at March 2010, grade A gross rents ranged between $375 per square metre and $438 per square metre, with an indicative level of $417 per square metre, the report said.


St Marys. Water project nearing completion

One of the largest recycled water schemes in Australia, the $250 million Replacement Flows Project, at St Marys, is 90 per cent complete and is on track to begin full operation in September. The plant will soon produce 18 billion litres of recycled water a year, equivalent to the water use of 72,000 Sydney households. This recycled water will be released to the Hawkesbury-Nepean River, replacing water currently released from Warragamba Dam into the river system. Premier Kristina Keneally and Minister for Water, Phil Costa, inspected the final construction stage, which involves the installation of more than 3500 reverse osmosis filters.