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Rush on the riverside as apartments snapped up

Sunday Telegraph  | By Melissa Kehagias

MORE than 100 apartments were snapped up within three-and-a half hours at the launch of Parramatta’s Promenade No.2 development yesterday. A total of 198 apartments made up the first release of the $314 million project located on the Parramatta River.

While the display suite doors didn’t open until 8.30am, eager buyers lined up from 6.30am, ready to snap up a one, two or three-bedroom apartment with prices starting from $518,000.

Construction worker Paul Campbell was one buyer who managed to scoop himself up a one-bedroom unit with study. The 24-year-old from Cabarita had been house hunting for more than six months. “It’s a new development, offthe-plan, so it was very appealing. You get the first homeowner’s grant and there’s no stamp duty,” Mr Campbell said.

The apartments released were among the 505 units that will make up Promenade No.2, CBRE managing director David Milton said. “People are recognising that Parramatta has potential and really good value,” he said.

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