Parramatta penthouse sells for record $3.3 million

A western Sydney businessman and his wife have snapped up a penthouse at developer Coronation Property's 8 Phillip Street development in Sydney's Parramatta for $3.325 million.

Australian Financial Review Su-Lin Tan 05-07-2017

A western Sydney businessman and his wife have snapped up a penthouse at developer Coronation Property’s 8 Phillip Street development in Sydney’s Parramatta for $3.325 million, setting a record land rate of $17,500 a square metre, a level usually reserved for properties in the inner city.

Parramatta, earmarked as Sydney’s second CBD, is 20 kilometres west of the city centre and is moving up the residential property price ladder just as other suburban areas such as Macquarie Park in the north did. The 190sqm three-bedroom apartment with four bathrooms is on the 53rd floor of the tower, and is the highest residential level in the 55-storey building. Just above, at level 54, is a rooftop bar. This is the third penthouse to sell at the property, and there are five more available across levels 52 and 53. The previous two penthouses sold for about $3 million.

Like many luxury apartment owners in the city, the buyers are downsizers from the nearby Hills district. “Certainly, the opportunity for the buyer to have a private consultation with one of Australia’s premier architects, Domenic Alvaro from Woods Bagot, and the ability to choose the mood board for the residence … was a significant attraction,” Coronation sales director Jason Soulos said.

Signature restaurants
Another attraction for buyers is the five-star QT Hotel in the lower levels of the building. It offers high-end amenities including two of Rockpool Dining Group’s signature restaurants to residents and guests.
Other suburban penthouses that have recently sold at record prices include church group Hillsong and Capital Corporation’s Esplanade’s 212sqm penthouse in Baulkham Hills, which was sold for $3.1 million, or nearly $15,000 a square metre, and Romeciti’s $5.6 million penthouse in Macquarie Park at $32,000 a square metre.

Coronation Property and joint venture partner, Parramatta’s famous Sahyoun family’s Karima Group, are developing the 314-apartment project due to finish in 2020.