Sydney

Parramatta RSL to sell car park site

Castle Hill RSL Group, owner of Parramatta RSL Club, is divesting its car park site in Parramatta CBD’s commercial precinct.

10 Apr 2019

Castle Hill RSL Group, owner of Parramatta RSL Club, is divesting its car park site in Parramatta CBD’s commercial precinct. 

The 1874sqm development site is zoned B4 Mixed-Use – the most flexible zoning available in Parramatta CBD.

Future developments have the capacity to yield circa 100 apartments up to 54m tall, subject to council approval, and to reach over 11,200sqm with the potential for this to increase through Design Excellence. 
 
CBRE’s Frank Oliveri, Peter Vines and Victor Sheu have been appointed to market the site at 7 Macquarie Street. 

“In recent years, it has been difficult for investors and developers to secure B4 zoned sites in Parramatta CBD due to the lack of quality stock, let alone the opportunity to secure a site overlooking the vast greenery Parramatta Park on a delayed settlement,” Mr Sheu added. 

Mr Sheu said the site would suit a range of permitted uses, with consent ranging from residential, commercial, community, educational, hotel or motel accommodation, seniors living and more. 

“With a wide range of potential uses and scarcity of space in the burgeoning business district, the property is expected to attract an array of potential developers,” Mr Sheu said. 

“As a geographical, commercial and cultural centre of Sydney with $26.58 billion in Gross Regional Product (GRP), Parramatta represents a compelling option for developers looking to access the rapidly expanding Western Sydney economy.”

The Expressions of Interest campaign closes May 8, 2019, at 3.00pm (AEST).For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.