Parramatta: Build-to-rent apartments for Argyle St, Valentine Ave
Two more mammoth apartment complexes are slated for the burgeoning Parramatta skyline and its exploding rent-only market. The additions could also claim the crown for the CBD’s tallest residential buildings.
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Two more mammoth rent-only apartment complexes – including one that could reach 80 storeys – are slated to be converted from office blocks in the Parramatta CBD.
A 68-storey mixed-use development with build-to-rent units atop shops is earmarked for 2-10 Valentine Ave south of the train station.
Nearby, a 62-level tower with rent-only apartments, commercial offices and retail on a three-storey podium are slated for 33 Argyle St, a stone’s throw from Westfield shopping centre.
A report said applicants TE2 Roxy Argyle planned to revitalise the existing site where a six-storey office block stands in an effort to provide more affordable housing.
“The intention of the proposal is to create a high-quality build-to-rent development that will complement the character of Parramatta and enhance the residential offering in proximity to Parramatta station’’ it states.
“The proposal will provide a significant renewal of the site, providing high quality residential accommodation in a well suited and desirable location.’’
Under early plans, the building could reach 62 storeys with a gross floor area of 28,672sq m or could even sprout to 80 storeys with 36,044sq m.
It would be the tallest residential building in Parramatta, eclipsing the 67-storey Meriton tower at 180 George St.
Both Parramatta build-to-rent proposals are deemed state significant projects and will require approval from the government.
Under the next planning step, developers are required to prepare environmental impact statements.
Property Council of Australia’s western Sydney regional director Ross Grove said more developers were looking to convert offices in Parramatta for rent-only complexes where they could pocket a healthy return compared with selling apartments.
“I think it’s unsurprising,’’ he said.
“I think at the end of the day the traditional office market is in a spot of challenge particularly for its B, C and D-grade office stock.
“The built-to-sale market is struggling to attract finance. In order to satisfy a bank to receive finance you need to demand a business case that can produce 18 per cent return.’’
The number of build-to-rent accommodation completed and proposed locally has soared.
The 123 units in the 24-storey Charlie Parker complex at Harris Park have been deemed the most significant development for renters in Parramatta and opened in May.
At Merrylands, the Mason and Main project is NSW’s largest build-to-rent project with more than 800 units slated when it is completed in December.
Urban Property Group has secured approval for a $600m development at Fitzwilliam St, Parramatta, while The Octagon at George St could make way for 397 build-to-rent units, a childcare, shops and plazas under a $543m plan.
“It’s extraordinarily popular,’’ Mr Grove said.
“It’s revolutionising the way people think about property.
“It’s an interesting time in the city’s evolution and we’re entering the build-to-rent era.’’
He said the great Australian dream to own your own home was not dead because build-to-rent developments delivered tenants more security and long-term leases, not just six or 12-month contracts.
“Build-to-rent is an incredibly stable product,’’ Mr Grove said.
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