Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

Far East Consortium brings Eliza Collection to 640 Bourke Street ahead of October construction start

Parramatta

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A three bedroom, four-bathroom, 53rd floor penthouse apartment in Coronation Property’s 8 Phillip Street residential tower has been sold for $3.325 million.
The penthouse features customised Woods Bagot interiors and 190sqm of internal living.
<img src="https://www.urban.com.au/images/2017/07/05/Screen%20Shot%202017-07-05%20at%2010.21.40%20AM.png" alt="">
Jason Soulos, Coronation Property sales director said the personalised service offering that allows purchasers to customise penthouse residences was a deciding factor for the buyer and his wife.
<img src="https://www.urban.com.au/images/2017/07/05/Screen%20Shot%202017-07-05%20at%2010.20.46%20AM.png" alt="">
“Certainly, the opportunity for the buyer to have a private consultation with one of Australia’s premier architects, Domenic Alvaro from Woods Bagot, and the ability to choose the moodboard for the residence, as well as premium additions such as wine fridges, was a significant attraction,” said Mr Soulos.
“We feel such a significant investment warrants this level of service, to ensure the buyer and his wife move into a home that reflects their personal taste and style, and which differentiates it as distinctly theirs.
<img src="https://www.urban.com.au/images/2017/07/05/Screen%20Shot%202017-07-05%20at%2010.22.46%20AM.png" alt="">
“The buyer mentioned that he was particularly impressed by the concept of having a five-star QT Hotel on the lower levels and residential living above, similar to developments he had previously seen in New York.
“Also, the recent announcement that two of Rockpool Dining Group’s signature restaurants will be located onsite at 8 Phillip Street was the icing on the cake."
<img src="https://www.urban.com.au/images/2017/07/05/Screen%20Shot%202017-07-05%20at%2010.23.29%20AM.png" alt="">
When completed, 8 Phillip Street will feature 314 residences, with apartments to include one, two and three bedroom configurations, as well as studio and penthouse options as well as Sydney’s highest rooftop venue, Studio 54, a signature bar &amp; grill restaurant, multiple meeting and event spaces, and a grand ballroom. 
For more information, <a href="https://www.liveat8phillipst.com.au/" target="_blank">click here</a>. 
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jonathanchancellor-7SQnKwU6yx

53rd floor penthouse apartment in Coronation Property’s 8 Phillip Street development sold

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Parramatta is set to become Sydney’s future, according to Savills’ latest report.
“Forecast to be vital to Sydney’s future, Parramatta is now a city in transition with significant residential and commercial development activity taking place.
“The centre of Parramatta is already considered Sydney’s second CBD with an extensive commercial centre with substantial retail amenities.
“The suburb has benefitted from a number of private sector companies relocating or opening new offices in the area.
“These moves mean there is a greater number of high earning professionals, not just working, but often living in the area as well as utilising the retail, dining and leisure facilities.
“Aside from the ongoing development activity and popular dining precinct, Parramatta will continue to evolve into more of a destination due to the infrastructure improvements due to take place.
“The State Government has committed $10 billion for infrastructure investment for Parramatta and Western Sydney, which includes the new Sydney Metro West, Light Rail network, integrated and upgraded roads, rail, buses and ferry services,” the report stated.
Property values in Parramatta have experienced strong growth over the past decade.
“House prices have increased by 136 percent and apartment prices by 118 percent, outperforming the average growth seen across Sydney as a whole.
“However, over the past year, the rate of annual growth has slowed to 3 percent and 5 percent for houses and units respectively, reflecting a more subdued housing market seen across Sydney.
“Despite this rise in value, Parramatta remains a relatively affordable location to buy residential property.
“The median price of a house in the suburb of Parramatta in December 2016 was $1.19 million.
“This is slightly higher than average across all of greater Sydney but offers a substantial discount when compared to Central Sydney, the Inner West and the north western suburbs.
“Units in Parramatta have a medium price of $592,000, which is a discount of 16 percent compared to the Sydney average.
“This is due to a higher concentration of units in central, more expensive locations.
“Across the wider area of the City of Parramatta, prices can vary significantly.
“Oatlands, a suburb with high quality, family housing stock, is the most expensive location with the average house price nearly reaching $1.5 million.
“By comparison, areas to the south east of Parramatta such as Granville and Rosehill are cheaper with an average price for a unit of around $500,000,” the report advised.
A two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nsw-rosehill-125583526" target="_blank">11/88 James Ruse Drive</a>, Rosehill (above) has been listed for between $570,000 to $600,000.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-apartment-nsw-granville-125581878" target="_blank">11/9-11 Boundary Street</a>, Granville (below) has been listed for between $589,950 to $629,950.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/31/11_9-11%20Boundary%20Street.jpg" alt="">
Large-scale unit block developments are now common in Parramatta according to Savills.
“In response to the increased demand and changing demographics of the area, there has been a significant amount of residential development activity in Parramatta including a number of large-scale unit blocks.
“These apartments are popular with investor buyers and have increased the number of rental properties available.
“The proportion of private renters in Parramatta is already significantly higher than average, accounting for half of the population compared to a quarter across Greater Sydney.
“Tenants are attracted to the cheaper rents available. The median weekly rent in December 2016 was $550 for houses and $470 for units, around 15 percent cheaper than the Sydney average, resulting in average yields of 2.4 percent and 4.1 percent respectively.
“Unsurprisingly, given this new stock coming to the market, vacancy rates in Parramatta are slightly higher than the average across Sydney but the rental market remains active and the median rent has remained relatively stable over the past two years, following large increases,” the report commented.
Parramatta has one of the fastest growing populations of any local government area in Sydney, according to Savills.
“From 2011 to 2016, estimates show the population across the city of Parramatta has increased 17.6 percent, twice the rate of growth seen across Greater Sydney.
“This has significantly added to the demand for real estate in the area, equating to 7,150 new residents a year.
“Employment opportunities are a key reason people are drawn to live in an area.
“The City of Parramatta provides a wide range of employment options for both residents and surrounding locations.
“There are currently 92,000 residents of the city who are employed, but there is a daily work population of over 157,000, indicating at least 40 percent of the workforce lives outside Parramatta.
“Health care and social assistance is the dominant employment industry, with almost 25,000 employees, primarily driven by the Westmead health precinct.
“Across the city of Parramatta, there is a similar breakdown of household type to the Sydney average.
“There are higher numbers of lone person and group households which reflects the increasing number of young people moving to the area.
“Across the suburb, nearly half of residents are aged between 20 and 34 compared to a quarter across greater Sydney.
“Parramatta is a culturally diverse city and has a large international community.
“In the suburb, 21.3 percent of residents describe their ancestry as Indian and a further 21.2 percent as Chinese.
“Just 19.3 percent describe it as Australian or English compared to over half across Greater Sydney.
“As such, many international buyers are attracted to the area, providing an important source of demand for the housing market as both owner-occupiers and investors,” the report stated.
Parramatta’s landscape is expected to change if project development continues Savills says.
“The Parramatta CBD has seen a surge of residential and commercial development in recent years.
“If the projected development pipeline is realised, the Parramatta landscape is expected to continue this significant transformation over the next decade.
“This should contribute to strong population growth for the region and an increase of much needed supply of both commercial and residential properties.
“Forecasts suggest the population is set to increase by 74.5 percent over the next 20 years, to 416,750 people compared to a 37 percent increase across Greater Sydney.
“This is the third largest increase forecast of all Sydney’s Local Government Areas (LGA) following Camden and The Hills.
“The major investment in infrastructure and the ongoing commercial development is expected to create more jobs in the area and therefore an increase in demand for residential property.
“By 2021, Parramatta’s economic growth rate is anticipated to nearly double from 2.4 percent to 4.6 percent, taking the total employment to 186,000 people.
“The financial and insurance services sector is projected to see the most concentrated economic growth.
“The increased residential supply in Parramatta, combined with substantial government investment in infrastructure has increased general awareness of the Parramatta region.
“Whilst many buyers are still expected to be local to the western suburbs of Sydney, the ongoing changes and development activity are expected to broaden the range of interest and appeal to a larger catchment area, which is already starting to take place," the report stated.
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j.ballantyne1990-6AQqhLzZaK

Parramatta the future of Sydney: Savills

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GUEST OBSERVER
Australia continues to draw attention from overseas investors, but is Parramatta becoming Australia’s fastest growing CBD?
The combination of infrastructure improvements, development activity and population growth have transformed Parramatta into a vibrant city, which is popular with renters, first time buyers, young families and investors alike.
Parramatta is the second oldest colonial town in Australia, founded shortly after Sydney. The city was initially established as a farming settlement and the population grew rapidly as new settlers arrived by river and subsequently road and railway. Since then, Sydney has expanded and today Parramatta is located in the centre of Greater Sydney.
Forecast to be vital to Sydney’s future, Parramatta is now a city in transition with significant residential and commercial development activity taking place.
The centre of Parramatta is already considered Sydney’s second CBD with an extensive commercial centre with substantial retail amenities.
The suburb has benefited from a number of government agencies and private sector companies relocating or opening new offices in the area.
These moves mean there is a greater number of high earning professionals, not just working, but often living in the area as well as utilising the retail, dining and leisure facilities. Parramatta is a culturally diverse city and has an international community.
The residents ancestry are more mixed compared to greater Sydney with 21.3 percent ancestry described as Indian, 21.2 percent as Chinese and 19.3 percent as Australian or English. As such, this cultural community attracts the international buyers who provide an important source of demand for the housing market as both owner-occupiers and investors.
In addition, the population of Parramatta is forecast to increase by 75 percent over the next 20 years which will contribute towards increased demand for residential properties.
Aside from the ongoing development activity and popular dining precinct, Parramatta will continue to evolve due to the infrastructure improvements taking place. The State Government has committed $10 billion to infrastructure investment for Parramatta and Western Sydney, which includes the new Sydney Metro West, Light Rail network, integrated and upgraded roads, rail, buses and ferry services.
Sophie Chick is the Head of Research – Residential for Savills. She can be contacted <a href="https://www.savills.com.au/blog/author/148069/Sophie" target="_blank">here</a>.
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How is the changing landscape in Parramatta impacting residential property?: Sophie Chick

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GUEST OBSERVER
The potential for the city of Parramatta to become an equal city centre with the Sydney CBD could be under threat from significant taxes proposed on development. 
Many developers keen to build in Parramatta are now reconsidering their projects as the City of Parramatta adds excessive taxes on developments.
I have been amazed at the number of developers who have contacted me about the latest proposal to require developers to give 10 percent of their apartments to the council. 
When this tax is added to the value capture proposals of the council that require half the land value of uplift along with the State Government's levy of $20,000 per apartment the viability of development in Parramatta is under threat.
There seems to be an unrealistic ‘Magic Pudding’ attitude that the staff of the City of Parramatta Council have that developers will fund all of their desires and needs. 
If the same logic was applied to the council they should ask their own rate payers to cover the rates of the 10 percent of the residents most in need or for the council to require the Parramatta supermarkets to give away food to 10 percent of shoppers.
Some Urban Taskforce members have estimated that the combination of levies and taxes proposed in Parramatta will add $100,000 to the cost of an average two bedroom apartment. 
While council may be hoping to help those who are struggling to get into the Sydney market the end result of the levies will be to make most dwellings far less affordable and this price hike will pull even the affordable homes up in price.
We are concerned that the Greater Sydney Commission (GSC) has asked each council to develop their own affordable housing policy rather than give leadership to ensure a long term sustainable approach occurs across Sydney. 
The Greater Sydney Commission in their draft District Plans did propose an approach that was based on floor space uplift from rezoning and that this would only be where it was economically sustainable. It now seems that councils across Sydney are ignoring the GSC approach and only responding to the requirement to develop their own approach. Many councils are under administration and administrators seem to be taking a popularist approach that simply forces developers to pay for affordable housing.
The Urban Taskforce has proposed an approach to affordable housing for Sydney that could yield 40,000 affordable homes over 10 years. This would modify the government’s Affordable Rental Housing SEPP of 2009 to ensure that if 20 percent of a project was affordable apartments then a 20 percent floor space and height uplift would be given.
The SEPP provides for the affordable units to be available for 10 years and then returned to the developer. This approach would provide a continual supply of affordable rental homes across Sydney.
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We are concerned that, if implemented, the Parramatta approach could spread to most councils across metropolitan Sydney and the end result would be a dramatic slowdown in housing supply. 
The Urban Taskforce calls on the NSW Government to step in to the out of control free-for-all that is happening with councils that are adding a variety of taxes for affordable housing so that a consistent approach can be developed.
Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.
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Parramatta Council affordable housing tax will slow down housing supply

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Total market vacancy in Parramatta is forecast to decline over the short term as pre-commitments absorb any new stock, according to Colliers International’s latest Metro Office report.
“Stage 1 Parramatta Square, which came online at the end of last year, was fully pre- committed by Western Sydney University.
Taking into consideration the development pipeline, 105 Phillip Street (delivery circa 2018, approx. 25,000sqm) is fully committed to the Department of Education and Stage 4 Parramatta Square (delivery circa 2019, approx. 62,000sqm) is fully committed to Property NSW.
These tenants will relocate from Darlinghurst and Sydney CBD which will likely contribute to above average positive net absorption for the period.
Looking further ahead, NAB has fully committed to 42,000sqm at Stage 3 Parramatta Square (delivery circa 2020),” the report stated.
2020 and 2021 should see Parramatta vacancy rising Colliers says.
“Notable vacant space is likely to be available in 2020 and 2021 with Parramatta City Council (126 Church Street), the Office of State Revenue (87 Marsden Street), and the Department of Planning and Environment (10 Valentine) intending to vacate 5,800sqm, 4,000sqm and 5,000sqm respectively.
Additionally, The Commonwealth Bank of Australia will vacate 101 George Street and 150 George Street in 2022 relocating to the Australian Technology Park (ATP) in Redfern, creating backfill space of approximately 40,000sqm.
As a result of the abovementioned movements, by early 2020 vacancy is forecast to fall to 3.3 per cent before increasing to 6.9 per cent by the end of 2021,” the report advised.
Colliers says that A Grade vacancy is likely to remain at full occupancy in the short term, with the secondary market, particularly B Grade, tightening at a faster rate.
“For the second consecutive period A Grade space remains at full occupancy, fuelling strong rental growth.
Over the last 12 months, net face rents have increased 5.8 per cent, with net effective rents increasing 10.4 per cent as incentives fell three percentage points to 15 per cent.
B Grade vacancy has fallen to 6.2 per cent, from 6.8 per cent, resulting in even stronger rental growth,” the report commented.
Net effective rents has increased over the past 12 months due to reduction in incentives Colliers says.
“Net effective rents increased 16.9 per cent over 12 months largely due to the significant 7 percentage point reduction in incentives, falling to 16 per cent.
With a strong pre-commitment market, we anticipate net effective rental growth to exceed historical averages for A and B Grade space of 3.6 per cent year on year and 2.5 per cent year on year respectively.
Over the next 12 months, net effective rents for A and B Grade are expected to grow by 10 per cent and 13 per cent respectively with the average annual growth rate over the next three years forecast at 6.7 per cent (A Grade) and 7.4 per cent (B Grade),” the report stated.
A 25,000 sqm office building at <a href="https://www.realcommercial.com.au/property-offices-nsw-parramatta-502320926">105 Phillip Street</a>, Parramatta (above) has been listed for sale.
A 1563 sqm office at <a href="https://www.realcommercial.com.au/property-offices-nsw-parramatta-501307275">87 Marsden Street</a>, Parramatta (below) was sold recently in April this year.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/87%20Marsden%20Street.jpg" alt="">
Similarly a 2024 sqm office at <a href="https://www.realcommercial.com.au/property-offices-nsw-silverwater-502309706">36 Egerton Street</a>, Silverwater (below) was sold recently in April this year for $3.96 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/36%20Egerton%20Street.jpg" alt="">
Small office space include a 120 sqm office at <a href="https://www.realcommercial.com.au/property-offices-nsw-granville-502328218?listingType=buy">9 &amp; 10/70-72 Railway Parade</a>, Granville (below) has been listed for between $1.2 million to $1.3 million.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/05/02/9%20%201070-72%20Railway%20Parade.jpg" alt="">
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Market vacancy in Sydney's Parramatta expected to decline in the short term: Colliers

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A new $400 million 47 level mixed-use development on Parramatta’s waterfront, to be known as The Lennox, has been announced.
Located at 12 Phillip Street, Parramatta, on a 6,300 square metre riverfront site at the junction of Lennox Bridge and Church Street, it is being developed via a Project Delivery Agreement in conjunction with City of Parramatta and PCC DevCo1 Pty Ltd (a company initially established by LIDIS Group), with development management by EQ Projects.
The Lennox will comprise 441 residences across 40 levels, as well as approximately 5,500 square metres of retail and mixed use space and eight levels of basement parking.
There are 25 different apartment types, consisting of a range of studio, one, two, three and four bedroom residences that will vary in size from 40 to 206 square metres.
Prices range from $495,000 to more than $3.5 million for the ‘Skyvillas’.
The two four-bedroom Skyvillas are customisable homes located on level 47 encircled by a 20 to 30 square metre indoor-outdoor terrace.
Kitchens feature stone benchtops, a butler’s pantry and premium Gaggenau appliances and the bathrooms feature natural stone and unique tile patterns.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/6/The%20Lennox_4B%20Skyvilla_View%20to%20the%20North%20West.jpg" alt="">
The 1,200 square metre residents-only space on level three features a 20 metre indoor pool with indoor-outdoor terrace and incredible riverfront views, a gym opening out onto a Zen garden with separate wellbeing space, barbeques and a sculptural garden, and entertainment spaces for residents.
The Lennox team collaborated with Marchese Partners on the interior architectural design and Lorena Gaxiola on the interiors.
Andrew Young, director of EQ Projects, said that Parramatta is fast becoming Sydney’s second CBD and stands to benefit from population growth in Western Sydney.
“Councils, government and community groups are working together to rejuvenate Parramatta River to an urban hub and we’re excited to be part of this with the creation of a 120 metre boardwalk which will activate the riverfront and connect the east and west access points under the south side of Lennox Bridge,” he said.
“For The Lennox, we’re expecting a mix of owner-occupiers and investors who understand the value proposition of buying a premium apartment in a booming area.
“The incredible location, amenities and access to great schools will appeal to owner-occupiers, while investors will be attracted to the high rental yield, secure investment and the planned infrastructure which will make it easy for future tenants to travel to work and university in the area.”
Ged Rockliff, head of residential at Savills Australia, says that Parramatta is an attractive location for investors and owner-occupiers.
“Property values in Parramatta have experienced strong growth over the past decade, with apartment prices increasing by 118%, but it remains a more affordable option when compared to central Sydney,” he said.
“The proportion of private renters in Parramatta is significantly higher than average, resulting in average yields of 4.1% for apartments.”
Construction of The Lennox has commenced and is due for completion in early 2021.
The Lennox display suite is located 333 Church Street, Parramatta.
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New $400 million The Lennox development coming to Parramatta riverfront

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A lack of stock and urgency by private investors to source quality investments has resulted in strong results for strata office sales in the heart of Parramatta, the epicentre of Western Sydney.
Ray White Commercial noted the demand for office strata was highlighted by the $650,000 sale at auction of a 63 sqm ground floor office investment at 3/4 Charles Street, Parramatta. It was sold by Ray White Commercial NSW-Parramatta’s Joseph Assaf for a sharp 3.62 percent yield.
Mr Assaf said smaller private investors have been particularly active in the strata office market, resulting in capital values averaging $4,520 per sqm, which is affordable in comparison to the highs achieved in the Sydney CBD of $7,614 per sqm.
“However, a lack of stock and urgency to source quality investments has resulted in results such as the sale of 3/4 Charles St,” he said.
“The yield was 3.62 per cent while the capital value was $10,317 per sqm.”
Ray White Commercial NSW Director Michael Ajaka said the robust performance of the Parramatta CBD office market over the last five years has been observed by many larger institutions and both domestic and international private investors who have been instrumental in reducing investment yields.
“Currently prime investment properties have averaged yields from 5.75 percent to 6.5 percent range,” he said.
“Recent sales include 80 George St, a B grade office building which sold for $51.88 million in October, 2016, to a private Asian investor on a yield of 8.50 percent, while A grade Century Centre at 18 Smith St changed hands in September, 2016, for $84.03 million, representing a yield of 6.88 percent.”
Ray White Commercial Head of Research, Vanessa Rader, said the Parramatta CBD office market has been yielding strong results over the last few years.
“There is still more than 200,000 sqm of office stock destined to be added in the Parramatta CBD during a time of steady employment demand which is putting pressure on vacancy rates and improving rents achieved,” she said.
“New developments in office and continued residential development coupled with changes to infrastructure means Parramatta will remain a construction zone with road closures and cranes on the skyline for the next few years.”
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Parramatta CBD office investment yields sharpen

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Celebrity Chef Neil Perry has opened his Burger Project restaurant in Parramatta's mixed-use development V by Crown Group.
Meanwhile more than 220 new residents have moved in to the $300-million development since the first of its two towers opened last month. 
The development will also feature Parramatta’s first five-star hotel Skye Hotel Suites with 72 luxury suites scheduled to open in mid-2017.
Julian Sedgwick, Crown Group global head of sales and marketing said he was thrilled to see V by Crown Group come to life.
“The popularity of apartments at V by Crown Group both for lease and for sale demonstrates the demand for high-quality apartments with resort-style amenities and lively ground-floor café atmosphere in Parramatta,” he said.
“More than 200 people have already moved in and more than 80 per cent of apartments for sale have already sold, months before our grand-opening.
“Last week we saw a queue out the door at the opening of Neil Perry’s Burger Project, which is the first restaurant to open at V by Crown Group’s world-class architecturally-designed ground-floor plaza,." 
First homebuyer Alex Topic is relocating from Newtown to Parramatta after buying an apartment in V by Crown Group.
He said he was originally looking at older properties in the CBD, but found more value in a high-quality apartment in Parramatta.
“I’d be looking at paying the same price for an old apartment, half the size,” he said.
“I hadn’t considered Western Sydney, but when I looked the development was very conveniently located and a lot higher quality,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/14/161602%20-%20V%20By%20Crown%20-%20Rooftop%20-%20Final%202000.jpg" alt="" style="font-size: 12.16px;">
V by Crown Group was awarded the Five Star Award for Residential High Rise Architecture Australia at the 2016 – 2017 Asia Pacific Property Awards last year.
The development’s second tower is scheduled for completion in May. 
A selected number of apartments are available for sale ranging from one-bedroom apartments for $642,000 to three-bedroom penthouses for $2,545,000.
For more information please visit <a href="https://www.crowngroup.com.au" target="_blank">www.crowngroup.com.au</a> or call 1300 302 186.
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Parramatta's long-awaited vertical village 

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A second two bedroom display suite at Parramatta's 20 storey residential development V by Crown Group has been opened.
The new display suite is located on level 20 and features two bedrooms, a study, a living and dining area and views across Parramatta Square to Sydney’s CBD.
It also includes LED strip lighting, SMEG appliances, mirrored splashbacks, LED strip ‘accent’ lighting and stone bench tops.
When completed, V by Crown Group will have 590 apartments, pool, gym, sauna, conference facilities, music room, theatrette, a library and a retail and restaurant precinct.
The development, designed by Sydney-based Allen Jack + Cottier and Koichi Takada Architects, won the Five Star Award for Residential High Rise Architecture Australia at the 2016-2017 Asia Pacific Property Awards.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/17/VBC_Display_1_Apartment_009_LowRes.jpg" width="700" height="425">
Display apartments at V by Crown Group are available for inspection seven-days-a-week from 10am - 4pm.
For more information please visit <a href="https://www.crowngroup.com.au" target="_blank">www.crowngroup.com.au</a>.
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Parramatta’s V by Crown Group opens second display suite

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Parramatta commercial property sales increased in the quarter to December 2016, according to CoreLogic's Cityscope report.
The property data firm says that for the three months to December 2016, there were 32 sales at a total value of $150.2 million, compared to 17 sales at a total value of $139.3 million for the previous quarter.
Over the year there were 97 sales at a total value of $492.8 million, a decrease from the 171 sales at a total value of $578 million for the previous year.
The table below shows sales recorded for the past eight updates of Parramatta Cityscope:
<a href="https://www.propertyobserver.com.au/images/2017/01/24/Paramatta-1.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/01/24/Paramatta-1.jpeg" alt="">
Notable sales in the December 2016 update of Parramatta Cityscope include:
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<a href="https://www.realcommercial.com.au/property-land+development-nsw-parramatta-501863054" target="_blank">Albion Hotel, 135 George Street, Parramatta</a> (pictured above), a single and two-storey building with beer garden, bottle shop and parking on a site of 1,920 square metres, which was sold together with Albion car park, 118 Harris Street, Parramatta, a paved car park for the hotel on a site of 1,214 square metres for about $60 million through Khoury &amp; Partners Parramatta;</li>
<li>80 George Street, Parramatta, two office buildings of six and 11 storeys providing a net lettable area of 8,115 square metres with basement parking for 103 cars, which was sold for $51.88 million through Knight Frank</li>
<li>292 Church Street, Parramatta, a three-storey retail building with a net lettable area of 2,090 square metres and six car spaces, which was sold for $9.75 million through Ray White Commercial – Sydney.</li>
</ul>
<a href="https://www.propertyobserver.com.au/images/2017/01/24/Paramatta-2.jpeg" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/01/24/Paramatta-2.jpeg" alt="">
Properties listed as for sale in the December 2016 update of Parramatta Cityscope include:
<ul>
<li>295-309 Church Street, Parramatta, a two-storey building with a net lettable area of 1,362 square metres and 17 car spaces, which is available for sale through Savills and Khoury &amp; Partners</li>
<li>Unit 3 at 411 Church Street, Parramatta, a 77 square metres office suite on level one in a two-storey building, which is for sale through LJ Hooker Commercial Parramatta.</li>
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Properties with leasing opportunities listed in the December 2016 update of Parramatta Cityscope include:
<ul>
<li>197-205 Church Street, Parramatta, two interconnected buildings of two and three-storeys, which have office space of 1,500 square metres available through CBRE Western Sydney;</li>
<li>90 Phillip Street, Parramatta, a four-storey office building with a net lettable area of 3,180 square metres and 61 car spaces, which has office space up to 1,200 square metres available through CBRE Western Sydney</li>
<li>486 Church Street, Parramatta, a 10-level residential building and a two-storey retail annexe, which has retail space up to 1,200 square metres available through Khoury &amp; Partners Parramatta.</li>
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