This article is from the Australian Property Journal archive
AFTER securing the final $160 million piece of the puzzle earlier this week, Payce Consolidated and Sekisui House have hit the ground running by lodging plans for a $5 billion plus large-scale urban renewal project in Melrose Park.
Payce on Tuesday acquired a 4.5ha site from China’s Aqualand for $160 million and consolidated the acquisition with its existing holdings into a 30ha mega site at Melrose Park.
Payce and its JV partner Sekisui House have lodged a Structure Plan and a Planning Proposal with Parramatta City Council to redevelop the underused industrial land.
The council recently identified Melrose Park in its draft Parramatta Employment Lands Strategy 2015 report as an employment lands precinct undergoing significant economic change and suitable for large scale urban renewal.
The area covered by the plan includes the gateway site at 657-661 Victoria Rd and 4-6 Wharf Rd Melrose Park, located on the northern end of Wharf Rd and adjacent industrial sites on Wharf Rd owned by Payce.
“Melrose Park represents one of the largest urban renewal opportunities in the state, and we are excited to be able to work collaboratively with council, state government and the local community to produce a world-class result that will be a benchmark in urban renewal for Western Sydney,” Payce general manager Dominic Sullivan said.
“Our Plan presents a vision for the area that comprises a multi-staged mixed-use development which would result in 1,500 new jobs, new housing (including affordable and key-worker accommodation), commercial office and retail uses, along with a range of new and enhanced community facilities, public parks and other wider community benefits,” Sullivan added.
Sullivan said four leading design teams had input into developing the structure plan.
“For example, the plan includes a retail village centre, as well as open space totalling 3.8ha, including a new central park, a community oval to be shared with Melrose Park Public School, a large garden park and numerous pocket-parks throughout the precinct.
“Sustainability is at the heart of the new Plan, featuring renewable energy generation for future homes, water recycling, sustainable transport initiatives and electric charge points for cars,”
“Surrounding public benefits proposed include a $32 million contribution to the upgrade of nearby George Kendall Reserve, a new community aquatic facility, improvements to local cycleways and the introduction of an electric shuttle bus service to Meadowbank and West Ryde train stations.
“Discussions are also planned with relevant authorities for a private ferry service loop between Melrose Park, Parramatta and Sydney Olympic Park,” he added.
Sullivan said the proposed community benefits total well over $100 million and would be provided at no cost to council or ratepayers.
“It’s a very exciting plan and there are a lot of opportunities to explore. We look forward to discussions with Council and the community to get their thoughts and comments,” he said.
Australian Property Journal
