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News release

Sydney

One of Tamworth’s largest commercial buildings sold to a private Sydney Investor


​SYDNEY, 4 April, 2014 - ‘Noel Park House’, known as ‘State Office Block’ at 155-157 Marius Street in Tamworth has sold to a Sydney based private investor.  The deal was brokered by Greg Cohen of Savills jointly with John Macree of JLL on behalf of Pluim A&I Pty Ltd.

Noel Park House is an A-Grade building with a total NLA of 5630sq m extending over three levels.  Known as the ‘State Office Block’ the building provides a 25 year head lease to the NSW State Government.

Mr Cohen said “We expected a high level of interest in the property given its key investment attributes. The campaign flushed out a strong buyer pool that were prepared to invest outside the traditional eastern seaboard cities and into regional NSW.  The property exchanged one week after EOI.”  

“True to form, well located properties with a secure tenancy profile, or in this case, a strong long term single government tenant, will always attract buyers.  Additionally we are faced with a significant shortage of well located, prime investment stock which is driving the market, not only in Sydney but in regional city locations”, added Mr Cohen.

“This is one of Tamworth’s largest and most significant office buildings. A commercial property in a regional hub, it offers a higher yield than an equivalent building in a CBD. Tamworth is a strong regional town and this is a significant investment opportunity. It is wholly leased by the government, which employs a large number of people from within the local community. 

“This property attracted plenty of interest from buyers from all over Australia. Contrary to Capital City Investment properties, there was no interest from offshore investors,” said Mr Macree.

​The property is well located in the Tamworth town centre, approximately 400km from Sydney CBD and approximately 240 km from Newcastle CBD.   The office features an attractive design, with an atrium-style foyer entrance and generous onsite parking.

There is further long-term development potential for the property and the potential to increase the Gross Floor Area by 17,641sq m, subject to Council approval.