This article is from the Australian Property Journal archive
THE NSW government is supporting plans for a $625 million dual-tower Parramatta development with 600 apartments that marks another step on the way to Sydney’s second city becoming a build-to-rent hotspot.
The project at 2 Fitzwilliam Street would comprise 47- and 33-storey towers and also include 33,000 sqm of office space, 630 sqm of retail, a rooftop swimming pool, co-working space and a gym, with four basement levels for vehicle parking.
A through-site link would connect pedestrians from the site to the Parramatta train station and bus interchange.
“The proposal will establish the delivery of 316 build-to-rent homes in a highly accessible location within walking distance of employment, shops, services, and public open space to address the shortfall of rental housing options,” the Environmental Impact Statement (EIS) said, according to Parra News.
“This housing supply is particularly important for the Parramatta LGA, where renters are the fastest-growing proportion of households,” said Parramatta state Labor MP, Donna Davis.
“Build-to-rent projects like these are vital to help people in need get a roof over their head and provides a new level of housing.”
According to SQM Research, Parramatta’s vacancy rate was most recently recorded as an eye-watering 0.9%.
Davis said the project was one of 19 build-to-rent developments in the NSW planning system, which together could pave the way for 6,600 new homes – with more than 2,400 of these earmarked for Parramatta.
Novus and M&G Real Estate have lodged a development application for a $450 million, 34-storey build-to-rent project at 39-43 Hassall Street, while prolific developer Tim Gurner and Qualitas have won approval for their $450 million, 61-storey project with 391 residences and 4,000 sqm of office and retail space.
A report released this week by Oxford Economics Australia said strengthening investment in the build-to-rent sector would limit the forecast decline in attached dwellings construction.
The EIS also said the project would “strengthen the Parramatta CBD’s role as Sydney’s dual-CBD by facilitating the delivery of approximately 33,000 sqm of premium office floor space in the heart of the Parramatta CBD near current and planned public transport infrastructure, shops and services”.
“In doing so, the proposal will support the vision of a ’30-minute city’ where residents live within 30 minutes of their job by rebalancing employment opportunities from Sydney’s east to west.”
