Macquarie what? The Macquarie towers are making there mark on the capital of Western Sydney. As I have mentioned before, Developments such as this one at 189 Macquarie st will add to Parramatta’s appeal making people want to LIVE in Parramatta the same way people in the 70s, 80s & 90s envisioned living in the Sydney CBD.
This is a substantial development which will make its mark on the eastern edge of Parramatta’s CBD and will be very visible coming from the East. Parramatta is no longer just a suburban centre and this is one of the many developments which show it’s growth and demand. In other words, Parramatta is waking up.
Characteristics of the 189 Macquarie st, Parramatta Development:
|Location:||189 Macquarie st, Parramatta, 2150|
|Height of Tower 1:||167m (178m to the roof feature)|
|Height of Tower 2:||126m (135m to the roof feature)|
|Number of Towers:||2|
|Floors of Tower 1:||54 levels|
|Floors of Tower 2:||41 levels|
|Total Number of Apartments:||~700 apartments|
|Total GFA (Gross Floor Area):||60,000m2|
|F/S Ratio:||10:1 (11.5:1 with design excellence)|
|Amenities:||Gymnasiums, common rooms and communal gardens.|
|Link to NSW Planning Development Details:||NSW Planning for 189 Macquarie st Parramatta|
Macquarie Towers tallest building at 54 stories high will surpass Meriton’s Altitude Tower by 1m to a total of 178m to claim the tallest building in the suburb once it is topped out (currently it is under construction).
This development will be Gateway to Parramatta’s eastern end until the likes of the Cumberland Newspaper Site and the Albion Hotel bother also in Parramatta’s east end get redeveloped (both developments are under assessment in some form at the time of writing).
The team at Build Sydney believe the Macquarie Towers will add significantly to the Sydney housing supply, however they will be marginaly more affordable as compared to more luxury developments in the area such as West Village, Meriton’s Altitude Towers & V by Crown which for the majority of the local demographic would consider ~$1,000,000 for a 2 bedroom apartment unaffordable.
From an architectural standpoint, This is not the most appealing building considering it is just a stretched version of their previous design at 103m. There are a lot better designs proposed for the Parramatta area such as the landmark building Aspire or better known as Parramatta Square 8 due for completion in 2020 by Lang Walker.
The development will include roughly 700 apartments so there will be plenty to choose from which may be signs that an oversupply is coming in the short-term.
There is no doubt that once the Macquarie towers are built it will add a new dimension to the Parramatta skyline and would promote more young people to move into an apartment living lifestyle however the prices seem to out of reach for the young generation.
It will be interesting to report back once the development is sold out, we will be looking if local owner-occupier, local investor or foreign investors purchase these apartments.
Prices for the apartments are as follows:
- 1 bedroom apartments are going for $645,000 to $710,000
- 2 bedroom apartments are going for $817,500 to $861,000
- 3 bedrooms apartments are going for $984,000 to $1,163,000
Unfortunately, this makes even the most affordable apartment at $645,000 barely qualify for a stamp duty discount which is set at a maximum in NSW of $650,000.
Location Map of 189 Macquarie st, Parramatta:
Currently, the site is under construction and is set to be completed sometime in the year 2018 according to their property listing in Domain.
Here are some progress updates from October, 2016: