Penthouse sale smashes two-week-old $3 million record price paid for a penthouse in Parramatta

An undisclosed buyer has paid over $3 million for the second penthouse in Parramatta businessman has just purchased Coronation Property's 8 Phillip Street’ in Parramatta.

Local businessman Bob Reiman purchased the first penthouse within the 55-storey tower for $3 million on launch day, Saturday 19 November.

Stage 1, consisting of 150 apartments, sold out within the first hour.  After the release of stage 2 189 apartments had sold at the end of the first day, including the first penthouse, exceeding $160 million in sales. 

Over 72 percent of sales were to owner-occupiers.

Jason Soulos, Sales Director, Coronation Property said the latest penthouse buyer had been looking to move out of his house and into an apartment for the lifestyle benefits, but didn’t want to compromise on space. 

"He also didn’t want to leave Parramatta and had been searching for two years to find something large enough with a high level of design and quality finishes,” he said.

“Essentially he was motivated by the sheer size of the penthouse as its 189 square metre proportions are basically double the size of a typical three-bedroom apartment. 

"He also loved the attention to detail and premium fitout delivered by Woods Bagot and likes to entertain, so immediately saw his penthouse as an entertainers’ paradise.

"It looks likely we will release stage 3 in February next year, four months ahead of schedule.  We strongly suggest those interested in this luxury tower submit their expressions of interest before the stock is released in the new year, to avoid missing out.”

Joe Nahas, managing director, Coronation Property said that the group’s latest premium, mixed-use development was a distinctly unique offering in Australia, let alone for Parramatta.

“While residents of 8 Phillip Street will have hotel facilities right at their fingertips, the residential component of the building will be very private and accessed via its own lobby,” he said.

“There are very few developments that integrate the same level of contemporary design and lifestyle offering that 8 Phillip Street will deliver, together with spectacular boutique hotel facilities… in the heart of Sydney’s growth area.”

Studio apartment prices start from $492,000.

Designed by international design firm Woods Bagot, 8 Phillip Street will feature more than 300 one, two and three bedroom residences, a rooftop bar, and architecture and outdoor design elements by project partner Jamie Durie.

The project gallery is on level one at 8 Phillip Street, Parramatta and features a to-scale three bedroom apartment complete with ensuite, main bathroom, powder room, laundry, kitchen, dining and living room complete with a balcony overlooking greater Sydney. 

The project gallery and display apartment is open from 11am – 4pm on Thursdays to Sundays or by appointment.  Appointments can be made by calling 1800 753 163 or enquiring via sales@coronation.com.au.

Meanwhile developer Meriton's Altitude towers at Parramatta will have two sky penthouses.

They will occupy the top floor of the Altitude residential tower - Parramatta’s tallest yet building soaring to 54 levels.

The move will place the owners of the luxurious and expansive penthouses more than 170 metres above the ground in the cultural heart of Parramatta.

James Sialepis, Meriton’s director of sales, the four-bedroom penthouses have prices at $2.350 million and $2.050 million.

Altitude is on a former David Jones site in Church Street, bought for $36.5 million in 2010.

The project consists of a 377-apartment residential tower and a 36-floor Meriton Serviced Apartments hotel with 254 suites and which opened this month.