Forty-two owners of a unit complex in Parramatta are set to reap benefits of a well-timed sale.

The sale of 8-12 Sorrell Street, Parramatta, is the culmination of two-and-a-half years’ work for JLL Directors John Macree and Dylan McEvoy, who say the deal is the highest price achieved for a collective sale of its kind in Sydney in recent years.

Zoned B4 Mixed Use, the 4012 square metre site has the potential for a project with a gross floor area of up to 27,683sqm, subject to council approval.

The sale price of $44.5 million translates to about $1.1 million per unit.

Mr Macree said the site was a significant development opportunity in the Parramatta CBD. 

"We worked on the campaign for a year before taking the property to market in early 2018 via expressions of interest," he said.

“The public and private sector are driving change through investment in infrastructure in Western Sydney through projects such as Parramatta light rail, Sydney Metro and Western Sydney Airport – as well as Parramatta Square and the Powerhouse Museum relocation.”

Source: JLL

The transaction entered due diligence in October 2018. Due to the complexity of the sale, negotiations continued through to April 2019.

Owners’ corporation chairman Aaron Martin, who has a background in property amalgamations, said an unsolicited offer from a local developer prompted the owners to explore the real value of the property.

“We became aware of the Parramatta CBD Planning Strategy and engaged a town planner to conduct a feasibility study on the property which revealed its true potential,” he said.

“Because a number of owners initially did not want to sell, a specialist solicitor was engaged to advise on a collective sale using the strata renewal legislation requiring a minimum of 75 per cent of owners in support.

“Several specialist agents were consulted before the committee settled on John and Dylan of JLL and the property was listed for sale.

“Strong interest was received during the campaign and multiple offers were received.

"The preferred buyer was nominated by all owners supporting a sale."

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