Corval and Terraform Capital lodge DA for Parramatta’s Octagon

3 December 2020

Corval and JV partner Terraform Capital have lodged a Concept DA for the Octagon building at 110 George Street Parramatta.

Under the proposal, the existing 7 storey commercial office building with 21,000sqm of NLA will be demolished to make way 2 new towers together with a through site link and “green heart”.

The Concept DA seeks approval for a 35 storey commercial office tower providing 62,000sqm of lettable area and a second tower comprising a 19 storey, 200 room Hotel. The proposal is forecast to cost in excess of $340m to build.

The application follows a landowner initiated Planning Proposal to amend the Parramatta LEP 2011 to amend the height of buildings LEP control and to permit unlimited commercial office space on the site, in alignment with the Parramatta CBD Planning Proposal. The site specific Planning Proposal effectively brings forward the outcomes of the Parramatta CBD Planning Proposal, which has received a Gateway Determination and is (at the time of writing) on exhibition for public comment.

The proposal also follows a series of pre-lodgement meetings the landowners have held with Council to obtain initial feedback on the design and process.

The Concept DA proposal was designed by Crone Architects and submitted by Ethos Urban on behalf of the landowners.

Terraform Capital and Corval intend to lodge a Stage 2 DA for the detailed design of the proposed commercial premises and hotel at a later stage. Prior to the submission of the Stage 2 DAs, a competitive design processes will be undertaken which would permit a further 15% bonus in height and FSR allowances.

Terraform Capital, a Hong Kong property group acquired the seven-storey commercial building in George Street for about for about $83 million in 2014 and sold an interest to Corval in late 2019 for its for its new Value Active Fund 2.