Developer swoops on iconic Parramatta hotel
A Sydney-based property developer has snapped up two large development sites on Parramatta’s “Eat Street” for around $50 million.
Coronation Property have purchased 263 and 295 Church St, the latter being the iconic Crown Hotel, in the mammoth deal.
While Coronation Property will retain the management of the Crown Hotel, the 1082sqm site is tipped to be turned into a luxurious complex, with Gateway approval in place for a development featuring 45 residential levels and 1100 sqm of retail and basement parking.
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On top of this, Coronation Property will look at restoring the three-level heritage building at 263 Church St, with ground floor retail and an office space on the higher levels.
An artist’s impression of the completed 295-309 Church St project.
Coronation Property’s managing director Joe Nahas says that the recent purchase demonstrates the commitment the company has to providing an integrated lifestyle offering for the community.
“We will bring our brand of lifestyle-enhancing amenity to this new site on Church Street,” he says.
The site on 295 Church St was purchased from Iris Capital and is near Coronation Property’s other development 8 Phillip St.
Anthony Khoury of Khoury and Partners sealed the deal on the sale of 295 Church St and says the site has attracted plenty of interest since hitting the market late last year.
The entire Parramatta area is being transformed into a vibrant hub.
“It is a strategic site on Church St with the buyers knowing the area well and planning to further develop,” he says.
The complex will likely consist of around 157 units, he adds.
More details about 295 Church St will be revealed in the coming months ahead of its expected release to the market in 2018.
This article from The Parramatta Advertiser was originally published as “Developer snaps up two prime sites on Parramatta’s “Eat Street” for around $50m”.
