This article is from the Australian Property Journal archive
DEVELOPER Urban Property Group has been given the go ahead on their $600 million mixed-use project, centred around a build-to-rent offering, in Parramatta.
The concept for the mixed-use development comprises a commercial and retail podium and dual tower arrangement accommodating a western residential (BTR) tower with maximum height of 48 storeys and an eastern commercial office tower with a maximum height of 35 storeys.
With the State Significant Development Application for the plans now approved by the NSW Department of Planning, Housing and Infrastructure.
“We’re ecstatic to announce that our Concept DA for the Parramatta project has been officially approved, propelling us closer to our goal of crafting vibrant and sustainable urban communities. This site, lying dormant for over two decades, is ripe for transformation,” said Patrick Elias, CEO at Urban Property Group.
“We’re charged with enthusiasm to rejuvenate this neglected space, injecting life and vibrancy into the southern side of the Parramatta Train Station. This project isn’t just about construction; it’s about creating a pulsating heart where none existed before.”
The western BTR tower is set to include around 350 residential units with a mix of private market rental apartments and National Disability Insurance Scheme (NDIS) rental housing.
The tower will include amenities such as a roof deck, rooftop pool, gym facilities, children’s play areas, games rooms, music and multi-purpose rooms, co-working space and a cinema.
While the eastern tower will comprise 33,164sqm of commercial office and retail space with ground floor retail complementing the neighbouring Westfield Shopping Centre.
“Our ambition for Parramatta is to redefine what’s possible within the Build-to-Rent (BTR) sector, seamlessly weaving together retail convenience and commercial spaces,” added Elias.
“This initiative supports Sydney’s dynamic expansion and fosters the creation of forward-thinking urban spaces. Through our dedicated BTR division, Urban Places, we are not merely constructing residences; we are crafting vibrant, inclusive communities. Our commitment extends beyond mere access to ensure every Sydneysider benefits from living spaces that epitomise both quality and affordability, challenging the conventional wisdom that these attributes must be mutually exclusive.”
Australia’s build-to-rent sector which saw investment volumes skyrocket by 361% over 2023, according to new analysis by Savills.
With Savills expecting changes in the Australian tax landscape will further spur investment, with the federal government’s halving of the managed investment trust (MIT) withholding tax to 15% for foreign investors in BTR expected to take effect from 1 July. While state and local governments have also been introducing their own concessions for BTR developers.
And Knight Frank expecting the BTR sector to see 55,000 dedicated units completed by 2030.
Upon completion it is anticipated Urban’s Fitzwilliam Street site will have an end value in excess of $600 million.
Urban will commence a design competition for the project in collaboration with the NSW Government Architect in May.
