Parramatta Justice Precinct
The Parramatta Justice Precinct is a large parcel of NSW Government owned land situated in the north western corner of the Parramatta CBD. Working in consultation with the occupant agencies, the sale of 160 Marsden Street and 4 George Street by Property NSW, backed by a 15 year leaseback, was completed in June 2015.
To achieve the sale price of $170.1 million, Property NSW addressed a number of challenges, including:
- subdivision of the Justice Precinct from a single site into lots capable of divestment, and
- separation of common services and facilities within the Precinct through a mix of facilities management, contract renegotiation and physical separation of services.
Of the residual precinct site, lots 34 and 35 have the potential for further development. Property NSW is addressing the existing planning constraints that, once addressed, will significantly increase the sites’ development potential and value.