- Auburn Centrelink has been listed for sale
- Convenience of location and potential development upside is attracting strong interest
- CBRE Sydney will be steering the sale
For the first time in over two decades, the Auburn Centrelink has been listed for sale and is already attracting strong interest from investors, owner-occupiers, and developers. CBRE’s Robert Dowdy has been appointed to steer the sale.
Developed in the 1980s, the 5-9 Macquarie Road property was recently refurbished, the prominent 1,870 sqm site offering basement parking for 40 cars in addition to the single-level Centrelink office.
It is leased until December 2026 with two three-year options, providing a passing income of $351,338.25 per annum.
In addition, the B4 Mixed-Use zoning provides for a 5:1 floor space ratio which would allow for a building height of 38 metres (10 levels) subject to the relevant council planning approvals.
The convenience of location is another big strength generating interest, with the building located within walking distance of Auburn Railway Station and Auburn Central (shown below).
“Auburn’s proximity to the Parramatta CBD, coupled with a lack of quality investment stock for sale, is driving interest from savvy investors and developers in available opportunities, particularly in light of the current low-interest-rate environment. We expect local, national and international bidding for 5-9 Macquarie Street, with buyer confidence having clearly improved since last year,” said Mr Dowdy.
The building will go under the hammer on April 1 2021 at 10:30 am at CBRE’s Western Sydney ground floor office.