Approval for Urban Property Group’s rent-only Parramatta apartments

A central but ‘forgotten’ part of the Parramatta CBD will be developed into a $600m dual-building apartment complex for renters only.

A “forgotten” part of Parramatta will be developed into a $600m dual-building apartment complex dwarfing its next-door neighbour, Westfield shopping centre.

Urban Property Group’s project at 204-205 Fitzwilliam St, opposite Parramatta train station and bus interchange, is edging closer to reality after the Planning Department approved the development application for 350 apartments and a retail hub.

The tallest building will reach 48 storeys and feature a rooftop swimming pool, retail podium, a roof deck, gym facilities, children’s play areas, games rooms, music and multipurpose rooms, co-working space and a cinema.

The eastern commercial office tower will reach 35 storeys and include 33,164sq m for commercial office and retail use.

“We were surprised a vacant lot sat there for so long that’s ripe for development,’’ Urban chief executive Patrick Elias said.

“I think the south side of Parramatta has been quite forgotten so we’re quite excited, and I know council is quite excited to see some development there, especially considering how connected it is to the station and Westfield.’’

The company opened its first build-to-rent project, Highland, near Penrith five years ago and will take over a former Toplace site at East St, Granville, to create more rental properties.

A dual-apartment complex proposed for 204-205 Fitzwilliam St, Parramatta.

The site is at 204-205 Fitzwilliam St, Parramatta.

“As a brand we really believe in build-to-rent,’’ Mr Elias said.

“In my mind it’s really starting to push the quality and the amenity up.’’

He said rent-only dwellings such as its Parramatta project were not just seen as a second option for those who could not afford their own home.

“Some people want to purchase but I think there needs to be an option for people who just want to rent, and who want flexibility without compromising on their way of living,’’ he said.

“We really want to push the boundaries for build-to-rent. It’s another option and it shouldn’t be seen as an option for people who can’t afford to buy.’’

Urban will begin a design competition for the Fitzwilliam St project in May.

Construction is due to begin at Fitzwilliam St mid to late next year and due to wrap up in 2027.

Rental-only complexes are multiplying across Sydney, including at nearby Harris Park where the 24-storey Charlie Parker complex opened this month.

The development boom for rental and private dwellings across the area continues to explode. Last week, a topping out ceremony was held at developer Aland’s Paramount on Parkes complex at Harris Park, where mixed-use development will feature 331 residential apartments, six floors of commercial offices and a large retail area on the ground floor.

Parramatta federal Labor MP Andrew Charlton (far left) at Paramount on Parkes.

Paramount on Parkes is due to open this year.

The $357m complex is expected to be completed in August after a 5000-strong workforce built the 156m high tower.

“Paramount stands as a beacon of our enduring commitment to providing much-needed housing in Paramatta CBD and western Sydney generally,” Aland founder and owner Andrew Hrsto said.

“With its blend of residential apartments, ground floor retail and commercial spaces, and views of our much loved Parramatta Eels’ stadium, Sydney CBD and surrounding parklands, this building illustrates our dedication to meeting the evolving needs of this community and is also a landmark achievement in Aland’s own journey.”

Parramatta federal Labor MP Andrew Charlton welcomed the development.

“With vistas of the river, little India and the CBD, it is a real contribution to our city, offering a symbol and benchmark for mixed-use development here in Parramatta,’’ he said.