Third building released in $550 million Parramatta Promenade project

Third building released in $550 million Parramatta Promenade project
Third building released in $550 million Parramatta Promenade project

The third building in Parramatta’s $550 million Promenade development from Starryland Australia has been released, bringing 153 apartments to market.

On the northern bank of the Parramatta River, they follow Promenade’s first two buildings with 124 apartments, that sold out in May 2014 at launch.

The first two towers are currently under construction, expected to complete in late-2016.

It is expected that 11 towers will be built in total by Starryland Australia, which was established by the 23rd largest publicly-listed company in China, Fuxing Huiyu Real Estate Co Ltd.

A display centre at 1/28 Macquarie Street has been built for Building Three.

Marketing the project is Savills Residential, who expect interest from investors and owner occupiers.

Director of Savills Residential Projects, Irene Lau, said that there had been many young couples making their first property purchase.

“For business people the close proximity to transport, dining, shopping and recreational facilities were influencing factors,” said Lau.

Each apartment will have a balcony or courtyard, with the entire development to have 1.2 hectares of landscaped open space, a pedestrian bridge over the river and a walking/cycling network.

There will be six one-bedroom apartments, from $440,000 with 44.2 square metres to 49.4 square metres. Those with studies, of which there are another 17, are from $465,000, and span 46.7 square metres to 69.9 square metres.

The majority will be two-bedroom apartments, with 125 up for sale from $585,000. They are sized from 63.1 square metres to 98.8 square metres. Lastly, there will be five three-bedroom apartments from 83.8 square metres to 112.4 square metres, and priced from $850,000.

Each apartment has one or two secure car spaces, with 70 visitor slots allocated.

Parramatta Lord Mayor John Chedid said that it’s an exciting development and called it a “welcome addition to our expanding skyline”.

Chedid previously was on site at nearby V by Crown development, excited for the new developments in Sydney’s “second CBD”.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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New Developments Sydney

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