Parramatta penthouse sells for record price of $3.325 million

A Parramatta penthouse has been sold for a whopping $3.325 million, breaking the previous record price for an apartment in the suburb.

realestate.com.au Aidan Devine 10-07-2017

A Parramatta penthouse has been sold for a whopping $3.325 million, breaking the previous record price for an apartment in the suburb.

The three-bedroom, four-bathroom property will sit on the 53rd floor of Coronation Property development 8 Phillip St, due for completion in 2020.

The apartment is the third unit in Parramatta to sell above $3 million over the past year.

Previous bumper sales included the $3 million sale of another penthouse in the building in November and, two weeks later, yet another Phillip St penthouse for $3.2 million — then a Parramatta price record.

The typical price of Parramatta apartments is $630,000, according to CoreLogic data.

The buyer behind the new record sale price it believed to be a businessman based in Western Sydney who wanted to downsize from a home in the Hills district, but Coronation Property was otherwise tight lipped on his identity.

The man and his wife were reported to have liked the penthouse’s design and finishes and its proximity to their respective places of work.

The penthouses features customised Woods Bagot interiors and 190 sqm of internal living.

Coronation Property sales director Jason Soulos said another contributing factor to the record price was 8 Phillip Street’s New York-inspired style.

“The buyer mentioned that he was particularly impressed by the concept of having a five-star QT Hotel on the lower levels and residential living above, similar to developments he had previously seen in New York,” he said.

“Also, the recent announcement that two of Rockpool Dining Group’s signature restaurants will be located on-site at 8 Phillip Street was the icing on the cake.”

Designed by international design firm Woods Bagot, 8 Phillip Street will comprise 314 residences when completed in 2020, with apartments to include one, two and three bedroom configurations, as well as studio and penthouse options.

 Residents will also enjoy an alfresco open-air pool on the 18th floor.

Mr Soulos said the development’s luxury offerings were proof of Parramatta’s emergence as “Sydney’s second CBD”.

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