Parramatta’s post pandemic sales flurry
709-711 Parramatta Rd, Leichhardt sold for $4.8m.
A number of commercial sites in Western Sydney have transacted for a total value of $41 million in the past 12 months, with experts suggesting a boom is underway for main road assets.
Retailers looking to expand their physical footprints in the wake of the pandemic have increasingly demanded main road sites to maximise profits.
Since May 2022, eight sites on Parramatta Road have changed hands.
35-37 Parramatta Rd, Parramatta NSW
The most recent sale was a piano company snapping up a Clyde site at 35-37 Parramatta Rd, with plans to open a major showroom.
CBRE’s Robert Dowdy negotiated both the Clyde transaction and the other seven recent sales, with investors interested in main road properties.
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A total of $41,805,000 has changed hands on the commercial market in Parramatta Rd.
“Many of these sites are coming to market for the first time in decades, with 35 – 37 Parramatta Rd attracting over 120 inquiries after being offered for sale for the first time in 20 years,” Mr Dowdy said.
“Main road locations like Parramatta Rd provide maximum brand exposure and owner occupiers will pay a premium for that.
Parramatta Rd is one of Sydney’s major arterial roads.
“Despite COVID-19 and online shopping becoming more prevalent, shoppers still want to touch and feel the products, whether it’s furniture, electronics, clothing, self-storage or fast food.”
One of Sydney’s major arterial roads, Parramatta Road has been revitalised in the wake of the pandemic – with over 30,000 cars driving through daily.
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Many of the Parramatta Rd sites are coming to market for the first time in decades
A number of major national and international brands have set up shop along the road, including Costco, Harvey Norman, Kmart, Bunnings Warehouse, Coco Republic and Fantastic Furniture.
“A good amount of companies who occupy in South Sydney e.g. Mascot, Botany, Alexandria who require main road frontage are coming out west due to those areas being acquired by residential developers/office development in recent years and this will continue in the years to come.”
Many of the properties along Parramatta Road are industrial warehouses.
“Access is so convenient from the north shore, eastern suburbs, south Sydney, close to all the main arterial roads e.g. Silverwater Rd, James Ruse Drive – the geographic heart of Sydney.”
Long-time owners of businesses along Parramatta Road have been incentivised to move as benchmark sales prices are being achieved, including sales at 211-217 Parramatta Rd for $7.165m and 259-263 Parramatta Rd for $8.5m.
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