Parramatta's largest residential development to contain 370 units

Developer Crown Group has received approval to build the biggest residential project in Parramatta to date.

The 25-storey development at 45 Macquarie street is set to comprise 370 apartments, 3,000 square metres of office space and a further 1,200 square metres of retail space.

Prices are expected to start at $400,000 for a one-bedroom apartment with car space, and three-bedroom penthouses are expected to sell for more than $1 million.

Crown Group CEO Iwan Sunito says Parramatta is growing quickly and is in need of this type of development.

“More and more people are choosing to live and work in Parramatta, and the residential and commercial components of the area are not only growing, but also attracting a more discerning buyer who is happy to pay a premium for a quality property investment,” he says.

Sunito says the Macquarie Street project is aimed at discerning Sydneysiders with high-brow taste.

“Our new development will bring a new level of luxury to Parramatta, offering residents a high-end yet still affordable lifestyle offering with similar facilities and finishings to a five-star resort,” he says.

The building has been designed by Allen Jack & Cottierhitects and will include a pool, library, crèche, gym, relaxation areas and extensive landscaping. The building will offer views over Parramatta, Sydney CBD and the Blue Mountains from different vantage points.

Construction on the $300 million project is expected to begin in early 2012.

Crown Group bought the site in July 2009 from Becton Property Group for $15 million, and the development was approved by the NSW Department of Planning with support from Parramatta City Council.