The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
FINAL CHANCE TO REGISTER FOR URBANITY-25 JOIN MORE THAN 550 ALREADY ATTENDING
LAST CHANCE TO REGISTER FOR URBANITY 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterWed 22 Nov 17

Mirvac Signs $86.3m Contract with CorVal for Parramatta Asset

1511336447869

Mirvac Group has acquired a piece of Parramatta's CBD after signing an $86.3 million deal for an A-grade twin tower.

Located at 75 George Street, Mirvac's new asset covers six levels and is currently 100 per cent leased, with St. George Bank occupying 68 per cent as the building's major tenant.

CorVal bought the B-grade tower in 2012 for $32.5 million and has a permit to add another two-storeys of 2600 square metres office space to the building.

The property also comes with a scheme to redevelop the building into a 36-storey tower on a 2668 square metre site, giving Mirvac the opportunity to develop a new landmark commercial office tower.


The building has a WALE of 3.13 years by income.

[Related reading: Miele Signs Seven-Year Lease at Mirvac Industrial Development]“This acquisition provides us with exposure to the Parramatta CBD market, which has been one of the strongest performing markets nationally, with a Prime vacancy rate that has averaged below 3 per cent for the past decade," Mirvac head of Office and Industrial Campbell Hanan said.
Prominently positioned in the heart of the Parramatta CBD at the intersection of George Street and Smith Street, the asset is located between the traditional centre of Parramatta and the new development precinct concentrated around Parramatta Square and train station.


This acquisition is well-timed to capitalise on $10 billion in committed infrastructure investment underway, which will transform Parramatta into a second Sydney CBD with significant scale.

“The asset is strategically located, with Parramatta Train Station just 350 metres away, and provides excellent amenity for tenants, with nearby retail and dining offerings," Hanan said.

"This amenity will continue to improve as Parramatta Square and other projects continue to come online.”

[Related reading: Parramatta Square: An Insight into Parramatta’s $2 Billion Urban Renewal]“This acquisition sits within Mirvac’s directional mandate to acquire assets in key urban locations, and highlights our capacity to source and secure core assets with future development opportunities."Settlement of the acquisition is expected to take place in January 2018.

OtherRetailOfficeInfrastructureIndustrialAustraliaParramattaFinanceReal EstateLegalSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
Exclusive

Inside the $10m Heritage Refit of Sydney’s $25,000-a-Year Members’ Club

Taryn Paris
4 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
View All >
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
Warren and Mahoney’s Western Bulldogs Women’s Health and Leadership Hub proves that even modest budgets can yield consid…
LATEST
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
5 Min
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
2 Min
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
Court Place in the Subi East precinct is set to deliver 447 new homes, including 300 affordable and 147 social homes in a prime location just four kilometres from the Perth CBD.
Community

Providers Selected for Subi, East Freo Housing Projects

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/mirvac-signs-contract-for-parramatta-asset