21 August 2018

33 Argyle Street, Parramatta to be sold

The New South Wales Aboriginal Land Council (NSWALC) has made a decision to sell the building in which its head office is located, at 33 Argyle St, Parramatta.

33 Argyle St was purchased in 1992 as part of NSWALC's investment portfolio.

NSWALC has a proud history of managing its investment activities and has a strong track record of making quality investment decisions that have continued to grow the Statutory Account.

Accordingly, Council's decision to divest 33 Argyle St has been made in line with NSWALC's investment strategy.

The proceeds from the sale will be reinvested into NSWALC's Statutory Account and contribute to NSWALC's ongoing business and investment operations for future generations of Aboriginal people.

The continuing success and strong growth of the Statutory Account ensures that NSWALC is able to make sustained investments for the benefit of the Land Rights network.

NSWALC's head office will remain at its current premises, with the floors it currently occupies being leased from the building's new owner.

The property will be sold on the open market and the sale will be handled by commercial property agents, Knight Frank Australia.

The building will be publicly listed for sale on 23 August 2018, and Knight Frank will run a Expressions of Interest campaign.

Potential purchasers can seek further information from Knight Frank on 02 9761 1810.

Questions and Answers

1. Why is NSWALC selling the building?

33 Argyle Street is an asset within NSWALC's investment portfolio.

The decision to sell the building has been made in line with NSWALC's investment strategy.

Selling the building also helps achieve Goals 1 and 5 of NSWALC's Strategic Plan 2018 - 2022 - to maximise the social, cultural and economic outcomes from our lands and waters, and continue to grow and exercise responsible stewardship of the Statutory Account.

2. So, what is the investment strategy?

NSWALC has a responsibility to maximise returns on the Statutory Account for the benefit of current and future generations of Aboriginal people.

Council receives robust professional advice from a number of experts, so it can continue to make informed decisions.

3. What's the process for selling the building?

NSWALC has engaged commercial property agents from Knight Frank to run a competitive marketing campaign and sell the building.

Knight Frank is a large, respected property firm with a well-established presence in Australia and internationally and is in a strong position to sell 33 Argyle Street in Parramatta.

The building will be publicly listed for sale on 23 August 2018, and Knight Frank will run an Expressions of Interest campaign.

4. Is this a land dealing?

Yes, the sale of the building is a land dealing. Council has met on multiple occasions to consider and approve this sale. Council has also ensured that NSWALC has complied with all of the land dealing requirements under the Aboriginal Land Rights Act 1983.

5. If NSWALC sells the building, where will the head office be located?

NSWALC will sell the building as part of a 'sale and leaseback' process. This means that after the sale, NSWALC will lease its current office premises from the new owner.

Therefore, NSWALC will not relocate our head office as a result of the sale.

6. How much will NSWALC sell the building for?

Council has approved to sell the building for no less than current market value.

Knight Frank will run a competitive Expressions of Interest marketing campaign to achieve the best possible sale price.

7. What happens with the money from the sale?

The proceeds from the sale of the property will be reinvested into NSWALC's Statutory Account and will contribute to NSWALC's ongoing business and investment operations for the continuing benefit of Aboriginal people in NSW.

8. So, what's the money in the Statutory Account used for?

The continuing success and strong growth of the Statutory Account ensures that NSWALC is able to make sustained investments for current and future generations.

60% of NSWALC's operating budget for the 2018 - 2019 financial year will be directly spent on Local Aboriginal Land Councils and community programs for the benefit of Aboriginal people in NSW.

9. NSWALC has continually told the LALCs to hold on to our land - so why is NSWALC selling 33 Argyle St?

Yes, NSWALC is mindful that most land in the Land Rights network has been acquired as the result of successful land claims. This is a direct outcome of the hard-fought gains of the NSW Land Rights movement and we continue to maintain the opinion that holding onto this land, where viable, is important for the Network.

Having said that, NSWALC purchased 33 Argyle Street as an investment in 1992. As with all strategic investments, consideration needs to be given to the asset and its ongoing position in our portfolio.

It is hoped that from this investment, which was made 26 years ago, the proceeds of the sale can help create ongoing opportunities for Aboriginal people in NSW, in line with NSWALC's Strategic Plan 2018 - 2022.

10. But 33 Argyle St is a big part of Land Rights history.

Yes, it is. NSWALC purchased the building in 1992 and it was one of the first significant property acquisitions the Council made. Having a flagship asset owned by Aboriginal people was a huge achievement.

Over the past 26 years NSWALC has managed 33 Argyle Street well and generations of people, both Aboriginal and non-Aboriginal, have enjoyed working in and visiting the building as part of the Land Rights movement.

The Land Rights network is now bigger than any one property. Now is the time for NSWALC to move forward and continue to uphold our stewardship responsibilities to ensure a strong system is handed to future generations.

 

LALCs: If you have any questions, please contact the Councillor for your region.

NSWALC Sales Enquiries: Anyone with sale enquiries can contact our agents at Knight Frank on 02 9761 1810.