Amalgamated site sale in Parramatta’s CBD to cater to growing demand for high density residential

A Parramatta CBD mixed-used development site has been listed for sale by a group of strata-owners, in a strategic move to capitalise on the higher and better use of the property.

Located at 5-7 Hassall Street, the 3,090sqm is expected to change hands for circa $68 million, amid a rising focus on the adaptive reuse of office buildings in CBDs.

CBRE’s Alex Mirzaian, Ben Wicks and Andrew Purdon are managing the sale via an Expression of Interest campaign closing April 11th, 2024.

“This site presents developers and investors with an opportunity to tap into the burgeoning demand for apartments in the area,” Mr Mizaian said.

“One of the key factors driving the appeal of this site is the NSW State Environmental Planning Policy (SEPP) affordable housing bonus, which aligns with the region's need for new housing supply. The site's proximity to essential amenities, including the WSU Hassall Street campus, Parramatta rail and bus interchange, and Westfield Parramatta, further enhances its viability for BTR, student accommodation, commercial, retail, and residential housing, permitted with consent.”

Mr Wicks added, “The potential gross floor area of 48,204sqm and being located directly opposite the Gurner-Qualitas 12 Hassall Street BTR site, further complements the appeal for this site. With the neighbouring site already securing development approval for 385 units, there is undeniable potential for fast-track development approvals.”

“The gazettal of the Parramatta Local Environmental Plan (LEP) further reinforces the planning certainty for significant development opportunities, positioning 5-7 Hassall Street as a key player in Parramatta's evolving urban landscape.”