Parramatta Residential Project Reaching 61 Stories Planned

In Parramatta, in Greater Sydney, a 61-story residential project is planned. Image credit: Gareth Edwards, CC BY-SA 3.0 <https://creativecommons.org/licenses/by-sa/3.0>, via Wikimedia Commons

22 November 2021 | Parramatta, Australia

Near Sydney’s second central business district, developers Gurner and Qualitas are planning an AU$450-million (US$325-million) residential project with 385 apartments across 61 levels, a rooftop bar, and 4,000 square meters of retail and commercial space.

The partnership acquired the former Parramatta PCYC at 12 Hassall Street for about AU$70 million (US$51 million), taking over from Toplace and building on the developer’s 2017 plans for the site. Toplace originally had plans for a 61-story development with a four-story podium.

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Demolition of the existing building on the 2,049-square-meter space was approved in 2017 in anticipation of a new development.

Gurner director Tim Gurner said this project would be the first of many as they looked to grow their build-to-sell and build-to-rent portfolio in Sydney and wider NSW. In late 2020 Qualitas committed up to $150 million in equity for Gurner to buy new assets with the parties splitting the development profits equally.

For more on this story, go to The Urban Developer.