Commercial Real Estate Agency, Ray White Commercial Nsw Purchases Office Building In Parramatta

SIDNEY – Mr. Peter Vines, Managing Director of Ray White Commercial, Western Sydney set to conquer the commercial property market with strategic developmental moves.

Real Estate Agency Ray White Commercial NSW has purchased a new office building in Parramatta, Sydney.

The agency whose Managing Director is Mr. Peter Vines, a massive name in the commercial real estate sector, purchased the $4.4 million property at 15-17 Argyle Street as an addition to their expanding property business.

It should be recalled that when Mr. Vines took charge more than a year ago, he expressed his desire to expand Ray White Commercial’s business presence to dominate the market.

“The Western Suburbs are the epicenter of Sydney,” he had said, “with a lot of money being poured into infrastructure out there. The growth opportunities for commercial business are just enormous.

“I genuinely believe there’s a huge opportunity to take market share from competitors and offer people something different.”

A year afterward, Mr. Peter Vines appears to be leading Ray White Commercial to his promises as several developmental moves are now being executed. He claimed that the agency had chosen to purchase a new and spacious office space in what he refers to as one of their ‘biggest markets.’

He said: “There are virtually no freehold assets of this size which get sold and the market is very tightly held.

“We like the building because it allowed us to add value to it by renovating and repositioning it with tenants, as well as occupy it ourselves. It is also a few hundred meters from Westfield and Parramatta Square.”

Despite Covid-19 concerns, Mr. Vines believes that progressive decisions such as this should be made and executed strategically in preparation for post-COVID-19 seasons. He judges it as a good investment for the future, mostly due to the office building’s location.

“We are strong believers in Parramatta and Western Sydney,” Mr. Vines continued. “We believe that Parramatta (has) given its central location and more affordable price point will continue to grow and expand despite the current COVID challenges.”

The Parramatta office building has three levels, and the sale transactions were overseen and sealed off by John Race of Khoury and Partners. With the new owners preparing to move in next year, Mr. Race was not left without words. “Sub-$10 million buildings are just hard to come by in Parramatta these days,” he said.

Speaking further, he added, “The outlook for Parramatta is strong, you’ve got a lot of infrastructures backed by the government here. You’ve got driving forces like the Western Sydney Airport and the Metro.

“It’s gearing up to be the major city (in Sydney) – not the second CBD, the CBD. There’s no sign of slowing down.”
Ray White Commercial plans to use only a part of the building for the time being, with other plans to occupy the entire building or sell it off to purchase an even better building in the future.

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