The transformation of Parramatta into a city larger than Adelaide is one step closer to reality with the pending launch of a $550-Million residential development on the northern bank of the Parramatta River.
The five-hectare estate, called Promenade, will comprise 774 high-end apartments in 11 towers, ranging from two to 12 storeys. Just 1.2km east of the city centre, Promenade will have 1.2-hectares of landscaped foreshore open space, a pedestrian bridge across the river, and an extensive walking and cycling network.
Promenade is being developed by Starryland Australia, a local division of the publicly-listed Fuxing Huiyu Real Estate Company Ltd, which is the 23rd largest in China. Fuxing Huiyu develops more than one million square metres of property per year, and this is its first foray into Sydney.
“We selected Parramatta because it is already a cosmopolitan centre with the potential to become even better,” said Mr Hao Liu, the Director of Starryland Australia. “It has all the facilities of a modern city and is well served by public transport and motorways.”
Promenade is the latest in a series of massive developments that the Council believes will transform Parramatta into a beautiful riverside city. Already approved is a new civic centre called Parramatta Square and the redevelopment of two car park sites into major residential and commercial towers.
A further 33 major projects worth some $8-Billion are in the planning stages, which could see Parramatta overtake Adelaide as Australia’s fifth largest CBD.
Promenade will dramatically signal the northern entry into Parramatta. The grand vision is a collaboration between Smart Design Studio, landscape architect, Aspect, and Starryland Australia.
“Promenade is in keeping with the style of residential communities we create in China, and we want it to set a benchmark to establish our credentials in Sydney as a quality developer,” said Mr Liu. “We truly believe Promenade will be the type of place where people will want to buy their first property, raise their children and grow old.”
Parkland and an outdoors lifestyle is the over-arching concept of Promenade.
“The abundance of green open space will create a calming ambience and encourage residents to get out and walk, meet their neighbours, participate in community life and take joy in their surroundings,” said Mr Liu.
“It’s essentially a healthy, active outdoor lifestyle coupled with affordability in a quiet, beautiful location that is still connected to the Parramatta CBD.”
The architect, William Smart, says there are two types of building designs at Promenade – wharf and courtyard – united by water-filled landscapes and tree-lined streets to create “resort-style living”.
“The ‘wharf’ buildings have horizontal slab edges in white with a pattern of vertical timber cladding and full height vertical fenestration woven between each floor level whilst ‘courtyard’ buildings appear solid and grounded with panels of dark masonry stepping along the façade,” Mr Smart said.
“At the heart of the estate will be a new square, connecting a bridge which soars over the floodplain and river to link Promenade with Parramatta’s town centre.
“A new cycle path will run along the river and provide access to a platform over the water, adjacent to the arching mangroves and potentially serving as a future stop for the Rivercat.”
The first stage of Promenade will embrace two towers comprising 277 apartments. Work is scheduled to start by late June and be completed within two years. A further two stages will be released as demand determines.
Stage one of Promenade has:
• one-bedroom apartments (44–62 sqm) from $399,000
• two-bedroom apartments (62-99sqm) from $520,000, and
• three-bedroom apartments (99-112sqm) from $830,000
“The apartment interiors are fresh and urban contemporary with a unique twist,” said Mr Smart. “Quality finishes include porcelain tiles for living area floors which extend onto the balconies, complemented by joinery with timber tones, reconstituted stone bench-tops and crisp metal trims.”
Buyers are offered two internal schemes. The ‘fresh’ scheme consists of white terrazzo-look floor tiles and limed timber-look joinery finishes contrasted with bronze mirror cladding and splashbacks. The ‘warm’ scheme offers a sophisticated dark grey tile, dark stained oak look joinery and a warm, peach toned mirror.
All apartments, except four one-bedroom units, have one or two security car spaces, while there also are 70 visitor parking spaces allocated for the development.
“The handy transport, dining, shopping and recreational options will ensure Promenade apartments appeal to professional singles and couples,” said Irene Lau, Project Director for Savills Residential Projects.
“Apartments in the upper floors will have spectacular multi-directional views.”
By paying close attention to what makes residential communities liveable, Fuxing Huiyu had redefined harmonious living in China, and Mr Liu said this experience would be applied to Promenade.
“In big cities people have become disconnected, so it’s important to create an environment where individuals can connect; this means giving residents access to excellent communal amenities and activities which is what we are doing at Promenade,” Mr Liu said. “We have worked closely with the local Council to ensure the estate provides a prime living environment for the region.”
For investors, Parramatta provides a ready-source of tenants, with thousands of people employed in the CBD. The pent-up demand has prompted Savills to forecast weekly rents at Promenade of $450-540 for the one-bedroom units, and $550-700 for the two-bedroom apartments.
Inspections can be arranged by contacting Savills on 1800 788 895 or through: www.promenadeliving.com.au