Mirvac buys Parramatta site from CorVal for $86m

Mirvac has jumped into the Parramatta office boom with the purchase of a complex from CorVal Partners for $86.3m.

Mirvac has jumped into the Parramatta office boom with the purchase of a complex from funds manager CorVal Partners for $86.3 million.

The group beat stiff competition to buy 75 George Street, an A-Grade twin tower covering six levels that is fully leased.

The major tenant, St George Bank, occupies 68 per cent of the building, but could move out, allowing for an overhaul.

The asset has an average lease expiry of just over three years and it is positioned in the heart of the Parramatta CBD, making it a prime candidate for redevelopment as it its near the emerging Parramatta Square district.

Mirvac head of office and industrial, Campbell Hanan, said the acquisition provided the group with exposure to the Parramatta CBD market, which has been one of the strongest performing markets nationally.

“This acquisition is well-timed to capitalise on $10 billion in committed infrastructure investment under way, which will transform Parramatta into a second Sydney CBD” he said.

CorVal bought the building in 2012 for just $32.55m.

Graeme Russell, Simon Fenn, Ian Hetherington and Ben Azar of Savills handled the sale.