New $400 million The Lennox development coming to Parramatta riverfront

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.

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.