REST Super has its eyes on Parramatta's Eclipse Tower
The superannuation fund Rest Industry has emerged as a front-runner to buy the Parramatta office, Eclipse.
Its been developed by Leighton Properties and Grosvenor Funds Management. No price guidance has been given with estimates between $170 million and $200 million, in the reports by The Sydney Morning Herald and the Australian Financial Review.
The Station Street tower is due to be completed later this year and is about 80% leased. Adding about 25,660 square metres of A-grade stock to the Parramatta CBD, its been pre-leased to Deloitte, QBE and Landcom.
CBRE acted exclusively with Grosvenor Australia and Leighton Properties to help secure 17,000 square metres of pre-commitment deals to allow its construction to begin in early 2011. Only four mid-level floors remain for lease.
Rest is among the largest super funds by membership, with more than 1.9 million members and $20 billion of funds under management.
Eclipse Tower, the first major commercial building project to be undertaken in Parramatta in the wake of global financial crisis, was designed by Fitzpatrick & Partners.
Its being constructed at a time when Parramatta’s vacancy rate sits at 8.7%, according to the latest Property Council of Australia figures, although A-grade space availability has been showing a tightening trend.
