Urban Property Group will expand its build-to-rent project at Parramatta, more than doubling the number of homes, after the plan was selected for fast-tracking by the NSW Government.
The development, at 2 Fitzwilliam Street, 500m from Parramatta’s CBD, is now positioned to be one of NSW’s largest build-to-rent-focused projects.
Selected under the NSW Department of Planning, Housing, and Infrastructure’s new Rezoning Pathways Program, Urban Property Group’s proposal has been selected as a State Assessed Planning Proposal (SAPP).
Earlier this year, Urban secured approval for a residential tower of 350 units across 48 storeys plus a commercial office tower of 35 storeys on the site.
The new plan will deliver two build-to-rent towers with approximately 800 homes, including affordable housing and NDIS-compliant apartments. The towers heights remain unchanged from the previous plan.
The mixed-use development will also include a 200-room hotel and a retail podium.
The project amenities will include a roof deck, rooftop pool, gym, children’s play areas, games rooms, music and multi-purpose rooms, co-working space, and a cinema.
According to online planning portal BCI, development costs of the original project were estimated at $332 million, but amended costs are so far undisclosed.
Urban Property Group head of planning Chris Ferreira told The Urban Developer that the site will have an end value in excess of $600 million.
Ferreira said the project’s selection for the rezoning policy “reflects our shared commitment to delivering innovative and sustainable housing solutions for Sydney”.
“It marks a significant step toward increasing the supply of high-quality housing in Parramatta,” said Ferreira.
The expanded project aligns with the NSW Government’s future housing strategy, which aims to deliver 377,000 new homes across metropolitan Sydney and regional NSW by 2029.
Urban’s development also supports the City of Parramatta’s Parramatta 2050 strategy, which prioritises housing diversity and urban renewal.
The company said it would collaborate with the NSW Department of Planning and the City of Parramatta Council. SJB is the project’s architect, which is also the design team behind the Putney Wharf Residences development greenlit in August of this year.
The architects, in partnership with ASPECT Studios, was also commissioned by the City of Parramatta Council to design Parramatta Civic Link, a new linear park that would pass through the centre of the CBD.
This development adds to Urban’s growing build-to-rent portfolio that includes its build-to-rent project at Granville, which is currently under construction.
In May, the developer picked up a 26-storey residential tower project on the NSW Central Coast after the original developer, St Hilliers, collapsed and construction stalled.
The $115-million first stage, known as The Waterfront, is on a site in Gosford’s Mann Street, about 60km north of Sydney.
The Waterfront is part of the Central Coast Quarter project, sitting on the 8884sq m site of the former Gosford Public School site. UPG said the three stages of the project would eventually realise 334 apartments and 2800sq m of retail.
Urban Property Group was contacted for comment.
