Despite deteriorating confidence in Sydney’s residential property market, Harry Triguboff’s Meriton remains bullish about western Sydney, lodging hundreds of millions of dollars’ worth of development applications in the greater western Sydney area.
The first, a Woods Bagot-designed dual-tower project on a corner site on George and Charles Streets in Parramatta will add to the Meriton portfolio of five buildings at its 180 George Street site.
The $229 million proposal will include the construction of two towers, reaching 57- and 66-storeys, comprising 767 residential units, 216 serviced apartments 2,329sq m of retail a childcare centre and commercial gymnasium.
The two towers will complete the development of the nearly 8,000sq m site, which Meriton first starting developing in 2005.
The developer acquired the site from trade plant equipment manufacturer Hare & Forbes in 2002 for $13.3 million. Meriton has been developing in Parramatta since 1973.
The Urban Developer reached out to Meriton for comment, with a spokesperson for the developer confirming that Meriton plans to retain part of the development for its Meriton Suites.
The south tower – the smaller of the two towers – will provide the serviced apartments component of the project, with 131 residential apartments. The north, 66-storey, tower will comprise 486 apartments.
Meriton’s second recent development application, at Talavera Road, Macquarie Park is for a 27-storey tower.
The application marks the first stage of what is a controversial four-tower plan for the site, with an expected 1,256 residential apartments to be developed. Meriton will develop the remaining three towers, reaching 30-, 45- and 60-storeys as part of the project’s second stage.
The developer bought the site from Goodman Group in 2016 for a reported $200 million. After acquiring the site, Meriton lodged an application for the site’s rezoning to 60-storeys – planning allowed for a maximum 45-storey height limit – which was approved by the City of Ryde last year.
The DKO-designed stage one proposal will also comprise 212 residential apartments across 27-storeys, with a multi-storey carpark for 251 vehicles and a council-required childcare centre.
The estimated cost of work for the first tower is $67,584,257.
The developer recently completed the dual-tower “Altitude” at 330 Church Street in Parramatta. The project offered a residential component along with 254 serviced apartments.
Other proposed developments in Sydney’s bustling “second CBD” include 87 Church Street, 8 Phillip Street, and Stockland’s proposal with McDonalds for 350 apartments on the corner of Church Street and Victoria Road.
Recently approved projects include GPT’s $230 million “northern gateway” commercial tower and Dexus’ 33-storey 140 George Street project.