Statewide Planning, the development company of the Demian Family have sold a recently approved 48 storey apartment development site for $82.5m ($215k/unit).
The 1,926sqm site sits at the corner of Charles Street and Macquarie Street, Parramatta, alongside the new Arthur Philip High School currently under construction.
A proposal to rezone the site was originally submitted in 2014 and ultimately approved by Council and the State Government by late 2016. Stanisic Architects subsequently won a design competition for the site with a 48 storey mixed use scheme. Statewide Planning submitted a final DA for the proposed development in mid 2017, comprising 382 residential units, 2 retail tenancies, approximately 5,000sqm of office floor space and 8 basement levels containing 237 cars spaces. The DA was finally approved in July 2019.
Statewide Planning have been active in the inner west of Sydney with acquisitions including a 6.8ha pacel of land on James Ruse Drive, Camellia, 31 Cowper Street, Parramatta and the Riverlands Golf Course.
The purchaser of the Charles street project is undisclosed at this point however is highly likely to be earmarked for a build-to-rent proposal.
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