Parramatta RSL to sell carpark for circa $30 million
The Parramatta RSL Club is offering its carpark at the commercial end of Parramatta CBD at 7 Macquarie Street for sale, with price expectations of about $30 million.
Next to the world heritage-listed Parramatta Park, the 1874 square metre mixed-use site can yield about 100 apartments up to 54 metres in height subject to council approval. Any proposed future development could comprise 12,930.6sq m at a floor space ratio of 6:1 under current rules.
It has a current floor space ratio of 6:1 or about 12,930.6 square metres in space.
The RSL plans to take the proceeds of the sale and reinvest in a redevelopment for the club.
The future new venue will consist of new bars, restaurants, cafe, children’s play areas and a multipurpose function and events centre, including an open-air, rooftop bar and function space.
As part of the sale, the Parramatta RSL will consider a potential leaseback of the carpark for up to two years, to be negotiated with potential buyers.
Attractive to developers
With stock becoming scarce in Sydney’s future second CBD, the RSL carpark will be attractive to developers because it is walking distance to the train station and Westfield Parramatta.
Close to the RSL site are at least two other tall towers, the 43-storey slimline tower with apartments and offices at Macquarie and Charles streets and Parramatta’s first five-star hotel at 8 Phillip Street.
Parramatta’s residential market has exploded since the local council adopted progressive plans to increase the city’s floor space ratio. Many major developers including Crown Group, Meriton and Ecoworld have flocked to Parramatta to build apartments.
Car dealerships and old pubs have all also been converted into mixed use projects to cater for the future 41,000 new residents.
The CBD’s Parramatta Square will also provide commercial spaces, expanding Parramatta’s commercial floor space by 232,000 square metres by 2021, equivalent to adding most of north Sydney CBD Chatswood’s office stock.
CBRE’s Frank Oliveri, Peter Vines and Victor Sheu are handling the expressions of interest sale.
