Parramatta City Council is releasing for development the first parcel of property in its landmark $1.2 billion cultural and entertainment precinct on the Parramatta River.
At completion, the 20,000 square metre Riverbank mixed-use precinct will provide an optimal blend of residential, dining, retail, heritage and cultural facilities including flexible open space that will attract residents and visitors to the rejuvenated waterfront location.
Council will run an Expressions of Interest campaign throughout March for a 5,150 square metre parcel of land on the Riverbank site that is prime for residential and retail development.
Lord Mayor of Parramatta Cr Paul Garrard said the redeveloped Riverbank precinct will be a compelling all-hours entertainment and cultural destination that will connect with and complement the $2 billion Parramatta Square business district.
“Council has a development blueprint for Riverbank that proposes up to 1,200 apartments, 6,000 square metres of retail, and 10,000 square metres of open space. It includes the preservation of local heritage and the possibility of an iconic cultural asset to distinguish Riverbank as the cultural heart of Australia’s next great city,” Cr Garrard said.
“The first parcel of land for sale sits on the western side of the precinct. It offers an enviable waterfront location prime for a high-quality development including residential, retail and dining spaces that can set the precedent for a vibrant Riverbank precinct.”
Cr Garrard said the 5,150 square metre western site could yield up to 680 apartments in a 74-storey mixed-use tower, subject to Council approval.
“We are offering this site without a development application as we want to give a developer the flexibility to achieve design excellence for the residential tower and retail space to complement Council’s vision for Riverbank,” he said.
“The successful proponent will be required to carry out a design competition and obtain all necessary approvals.”
Expressions of Interest will close in early May.