NSW Aboriginal Land Council reaps $40m from Parramatta sale
Two Singaporean companies, Roxy-Pacific Holdings and Tong Eng Group, have teamed up to buy the NSW Aboriginal Land Council’s building on Argyle Street, Parramatta, for $40.8 million.
The deal continues the run of property transactions in the area and the pair could eventually look to follow the series of developers building or having proposed office projects in the western Sydney hub.
Tycoon Lang Walker is building three towers and listed groups Charter Hall, Dexus and GPT have towers under way, with Mirvac Group also readying a site.
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The Singaporean pair used a company called TE2 Roxy that is 40% held by Roxy-Pacific and 60 per cent by Tong Eng.
The building has six upper office levels, with a retail ground floor suite and three levels of above-ground parking.
The developers were drawn to the property’s site area of 2048sqm and the building’s substantial net lettable area of 5279sqm.
The NSWALC bought the building in 1992.
The NSW Aboriginal Land Council bought the building at 33 Argyle St in 1992 as part of its investment portfolio.
At the time, it was one of the first significant property acquisitions that the council made.
It said in August when it decided to sell the building that sale proceeds would be reinvested into NSWALC’s Statutory Account, contributing to its business and investment operations for future generations of Aboriginal people.
NSWALC’s head office will remain at its current premises as the deal was structured as a sale and leaseback, with the floors it currently occupies being leased from the building’s new owner.
The sale was handled by agents Knight Frank.
The council says the building sale also helps achieve its strategic plan to maximise the social, cultural and economic outcomes from its lands and waters, and growing and overseeing its statutory account.
– with the Wall Street Journal
This article originally appeared on www.theaustralian.com.au/property.
