Slab to be set on highest residential tower in Parramatta, V by Crown, today

Slab to be set on highest residential tower in Parramatta, V by Crown, today
Slab to be set on highest residential tower in Parramatta, V by Crown, today

Back in 2004, when Crown Group began showing interest in Parramatta, there were a number of naysayers about this growing city. However, the vision behind what is now the most recognisable and central hub for the western Sydney suburbs is being born out through the council, keen developers and buyers who are jumping onto what they see as an opportunity for growth.

The new $309 million V by Crown development will be the tallest in Sydney's Parramatta, at 29-storeys, just beating the B1 building that is 28-storeys high.

However, Property Observer has heard suggestions that it may soon face competition for this title, a comment that may be unsurprising for those who have seen the heavy presence of cranes in the skyline.

Today, the slabs will be set for Crown's residential tower – 30 metres wide, 50 metres long and one metre thick for those who haven’t yet grasped the size of the soon to be realised building.

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Photographs taken on site by Property Observer

The letter ‘V’ from the name 'V by Crown' is prominent – it stands for vertical, but also for ‘vision’, which Parramatta Lord Mayor, John Chedid, put particular emphasis on. It appears to align with his vision of Parramatta as well.

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Parramatta Lord Mayor John Chedid, left, Crown Group CEO, Iwan Sunito, right. Photograph taken by Property Observer

“[The city of Parramatta is] delighted to have a company like Crown investing,” Chedid said on site yesterday, behind him the massive excavation site.

Chedid said the development sends a strong message of Crown’s commitment and belief in the future of Parramatta, the “economic hub of Western Sydney”.

The CEO of Crown Group, Iwan Sunito, appeared to agree. He said that back in 2004, when Crown Group started building and developing in Parramatta, he was regularly told that the plans were too ambitious for this area.

He was building one of the largest buildings at the time with more than 90 apartments, all of which has sold on completion in 2009.

This is his next important milestone, and he repeated his oft-quoted mantra: “Build it, and they will come.”

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And it seems they have already started pouring in for this development before it has been built. Of the 519 apartments at V, there have already been $150 million worth of sales, a total of more than 270 apartments since the 2012 launch.

It was officially launched in Singapore in April 2012, presumably attracting a significant amount of offshore interest.

Prices start from $428,000 and on offer are studios, one-, two- and three-bedroom apartments with a variety of floor plans, including some with studies.

The median unit price in Parramatta, according to RP Data, currently sits at $450,000.

Inside, it appears as though it will be everything a new development should be. Neutral palettes, modern amenities, space-maximising designs and careful consideration around the placement of rooms in the floor plan. This comes from the skills of Allen Jack + Cottier architects, along with the renowned architect Koichi Takada – arguably one of the most influential in Sydney.

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Photographs taken on site by Property Observer

The current popularity that has led to the significant number of sales may be to do with the location, sitting on Macquarie Street and a very easy walk from Parramatta station. It may also be the promised facilities – a pool, gym, sauna, conference facilities, a music room, a theatrette and a library - amenities that were previously laughable for this area.

Discussing the area of Parramatta after the presentations with those attended, it appears that most are surprised with how quickly the city has emerged. It’s not, however, surprising that many buyers in the area are also first timers considering purchasing investments in the "second CBD" of Sydney. Sales manager for this project, Anthony Falas, previously provided us his thoughts on what will make these apartments a solid addition to an investors’ portfolio.

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It seems Crown Group is confident this will pave the way for the longevity of the area. With two three-storey ‘V’ shaped steel columns that peer over the entire site, it’s uncertain if they will ever be moved. In fact, Property Observer is told that roads needed to be closed to bring in the cement with which to fill them up.

V is set for completion in 2016 and it’s not clear yet where Crown Group will look for its next project.

When Property Observer asked, Sunito laughed. He said he’s just looking to get through this project first, but he hopes for a lot more to come for what he describes as the city of culture, connectivity, commerce and vision.

jduke@propertyobserver.com.au

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Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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