Current Parramatta developers, Coronation Property, have purchased two more sites in the area for a reported $50 million.
The recently purchased properties, 263 and 295 Church Street, were bought from companies associated with Wassim (Sam) Arnaout of Iris Capital. Plans for these properties are not immediately clear. 263 Church Street is a three-storey building and a storage shed tenanted by Radio Rentals. 295 Church Street is a two-storey building with 17 parking spaces to the rear and a site area of over 1,000 sqm. It is occupied by the Crown Hotel and Italian restaurant, Mama & Papas.
The two properties last traded in two parcels between 2014 and 2016 for a total of $13,680,000.
Coronation is currently working on seven projects in West and South-Western Sydney. The residential development at 8 Phillip Street, Parramatta is amongst them and is set to comprise 305 apartments, 252 hotel rooms, retail space and nine levels of basement parking. It will also include restaurants, meeting rooms, a swimming pool and rooftop bar and will retain and incorporate the existing heritage Uniting Church and hall.
Coronation Property’s focus is to create genuine communities for urban living; the company is based in Surry Hills, NSW.