DESPITE Sydney’s slower residential property market Meriton has got the go-ahead for the City’s tallest tower from the NSW Planning Panel … afterall Meriton deals directly offshore …
“China has more than 1 billion people, and they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.”
Perhaps this explains why the Real Estate Gatekeepers gained an exemption from the Second Tranche of the Anti-Money Laundering Laws in October 2018?
And with a large range of Temporary Visas that facilitate access to a ‘Permanent Resident Visa’ is it any wonder that Parramatta is set to double its population?
PLANNING DINAH LEWIS BOUCHER FRI 11 OCT 19
Triguboff Gets Green Light on Parramatta’s Tallest Tower
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
▲ Plans for 180 George Street Parramatta.
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.
AUTHOR Dinah Lewis Boucher