Despite Sydney’s slower residential property market in recent years, property tycoon Harry Triguboff will push on with plans to build Parramatta’s tallest residential tower after getting the go-ahead from the New South Wales Planning Panel.
Meriton won approval for its 67-level glass tower and 58-level hotel at 180 George Street planned next to Parramatta River, lodged in July last year.
While the cost of the project is recorded around $229 million, estimates for the planned skyscraper development are north of this figure.
Meriton first purchased the Parramatta site in 2002 for $13.3 million.
Related: Triguboff’s Meriton Buys Mascot Site
The Woods Bagot-designed two-tower project, located on the corner site of George and Charles Streets, will complete the development of the 7978sq m site, which Triguboff's privately-owned Meriton first began developing in 2005.
Meriton has been developing in the area since the early 1970s, its most recent project, the dual-tower on Church Street spanning the former David Jones store site was completed in 2017.
The newly-approved George Street development will combine retail, five-star amenities and deliver 553 homes dwellings, while the hotel component will comprise 346 rooms.
Other locally planned developments include 5 Parramatta Square, the $130 million multipurpose six-storey building lodged by the City of Parramatta, which also forms part of the Parramatta Square project.
Hilton last year announced it was partnering with Ledrae Hotels on a new 29-storey 245-room hotel in Parramatta, on the corner of Macquarie and Marsden streets.
While property fund manager GPT’s $230 million commercial tower at 32 Smith Street is under way after receiving approval last year.
Parramatta council says its population is expected to double over the next two decades.
Council currently has its Draft Local Strategic Planning Statement for land use planning to 2036 on exhibition.