Australia's leading adventure activity supplier, Paddy Pallin has recently acquired a new retail tenancy in Parramatta – representing the brand’s first move into the Western Sydney market.
Located at 16 Hunter Street, the 472sqm commercial/retail property was previously occupied by Allans Billy Hyde Music store. The two storey building is split over four mezzanine levels and offers substantial frontage to Hunter Street.
The site further benefits from prime central location, opposite the new Rise Apartments development and only moments from Parramatta’s bus and train interchange, Church Street and the Great Western Highway – which ensure consistently strong consumer traffic.
CBRE’s Maria Mangcoy negotiated the agreement on behalf of Somaey Enterprises Pty Ltd. The tenant committed to a three-year term, with option for three-year extension, on an initial rental of $125,000 per annum.
Ms Mangcoy said the site’s prominent location was paramount to Paddy Pallin’s decision to expand and open a store in Western Sydney.
“The tenant was attracted to the site’s advantageous location in the heart of Parramatta, one NSW’s fastest growing and most dynamic areas for retail, commercial, and residential development.”
“This space further provided the desired footprint to showcase Paddy Pallin’s extensive outdoor clothing and equipment range, whilst allowing the flexibility to innovate in retail,” said Ms Mangcoy.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.