Rest Industry Super to Sell Parramatta’s Eclipse Tower

Parramatta’s Eclipse Tower, valued at $275 million, has been put on the block by Rest Industry Super.

The super fund is capitalising on the rising interest in Parramatta and the lack of high-quality options on the market.

The 60 Station Street tower has 25,729sq m of leasable office space, with ground floor retail, 145 parking bays and 200 bicycle racks.

The 19-storey office tower was completed mid-2012 by Leighton Properties and Grosvenor Fund Management Australia, achieving a 5-Star NABERS Energy rating.

It was purchased shortly after its completion by Rest for $167.5 million.

Related reading: AMP Names Builder for Quay Quarter, Secures $900m Boost from Rest

Knight Frank’s Paul Roberts, Wally Scales, Tyler Talbot and Neil Brookes are marketing the asset in conjunction with CBRE’s James Parry, Michael Andrews, Scott Gray-Spencer, Sharon Yang and Marc Giuffrida.

CBRE’s state director of capital markets James Parry said the property was well-positioned to benefit from great Sydney’s forecast growth and planned infrastructure upgrades.

“The Parramatta CBD is forecast to provide the highest seven-year annualised returns of any office market in the country, underpinned by the market’s strong underlying fundamentals and forecast rental growth.”

Parramatta is also set to receive Australia’s largest commercial property development, with the Walker Corporation’s $2.4 billion Parramatta Square Development.