Parramatta. Paul Hogan sells office building

Actor Paul Hogan has severed property links with Australia, after the $12.2 million sale of a Parramatta office block investment. The property, held within the Hogan children's discretionary trust, Monthia Pty Ltd, since 2005, sold at a loss. The actor bought it in 1988 for $13.6 million. The unnamed property is an eight-storey building on a 2230 square metre site. It has a net lettable area of 5382 square metres, with 164 parking spaces.

Parramatta. CBD office market

Parramatta has shown volatility in the past with speculative supply hampering improvement in office vacancies, according to independent valuer and research firm, LandMark White, which said the Parramatta market was unlikely to be as strongly affected as the North Ryde market, given the high exposure to the public sector. “Overall, the Parramatta Market typically sees an equilibrium vacancy rate of about 9 to 10 per cent – currently the vacancy rate is sitting at 9.5 per cent,” according to LandMark White, in The Sydney Morning Herald.