This article is from the Australian Property Journal archive
CHINESE developer CWG is selling a Parramatta office building with gateway approval for a mixed-use apartment project, with a price tag of $55 million.
Knight Frank’s Tim Holtsbaum, Dominic Ong are managing the sale on behalf of CWG, previously Chiwayland Australia.
Located at 18 Parkes St in the Parramatta CBD, the site currently comprises a four-storey office building, is gateway approved and capable of delivering approximately 300 apartments, designed by SJB Architects.
“We are expecting interest from local, private integrated developers looking to add to their pipeline and also on and off-shore listed developers seeking an iconic project within the Parramatta CBD skyline,” Holtsbaum said.
“This will be Parramatta’s next prestigious sky tower development, and will combine luxury and convenient living at an affordable price in Sydney’s second CBD,” he added.
Ong said with a $14 billion economy and $12 billion worth of investment in the pipeline, Parramatta is a major provider of business and government services and has a visionary future.
“By 2031, more than half of all residents in Metropolitan Sydney will live out west. It is the economic engine room of Western Sydney and the fifth-largest CBD in Australia. We expect a lot of interest from investors who are looking to capitalise on this unique and exciting opportunity,” Ong said.
The property occupies a land area of 2,830 sqm and the proposed apartment building will be between 110 and 125 metres in height, yielding over 300 apartments with ground-floor retail and basement or above-ground parking in one building.
The property is being offered via an Expressions of Interest campaign, closing on Thursday, 22 June at 4pm.
Australian Property Journal
