SC Capital Partners, on behalf of its SCORE+ Fund, has exchanged binding contracts to purchase Two Wentworth Street, Parramatta, Australia, for A$105.3 million ($72.2 million).
Located within Parramatta’s central business district, the property comprises a class A office tower in proximity to Parramatta Square, Parramatta Transport Interchange and Westfield Parramatta shopping center. The tower is fully leased and houses predominantly government tenants, with an NLA of more than 10,000 square meters (108,000 square feet).
Two Wentworth is located in the heart of Sydney’s second-largest employment destination, with strong occupier demand, led by the government’s decentralization strategy. Class A office vacancy in Parramatta is currently at 0.6 percent, which is the lowest it has been since 1990. Market fundamentals are anticipated to remain strong, supported by government plans to establish Parramatta as a “Priority Growth Area,” earmarking more than A$10 bil
