Stockland Corporation and McDonalds Restaurants are partnering together to develop a mixed-use building at 355-375 Church Street. It will include 350 residential apartments, 1,565 sqm of retail space and a new two-storey McDonalds restaurant.
Presuming it gains rezoning and Council approval the building will add to the almost $10 billion dollars worth of development in Parramatta. McDonalds purchased the site for a total of $4.535 million in three parcels between 1978 and 2008 and they will retain the ownership of the restaurant stratum lot.
Elsewhere in Parramatta, GPT has been given the go ahead for their development at 32 Smith Street. At an estimated cost of $115 million GPT plan to build a 28-storey office building with retail space and a cultural centre on ground floor, a sky deck to take advantage of the district views and car parking on the podium level. According to the Property Council the vacancy rate for Parramatta sits at a very low 3% with the rate for A-grade accommodation at zero. The GPT Group purchased the property for $31.15 million in December 2016.
Another office tower in the pipeline is at the Roxy Theatre site at 69 George Street. Owner, David Kingston, has submitted plans for the restoration of the Roxy Theatre and the construction of a 27-storey office tower above with the theatre, a ballroom, function centre and restaurants below. According to Parramatta Cityscope, the Roxy was built in 1930 in Spanish mission art-deco style. It was refurbished and restored to its original grandeur in late 1988, closed in April 2002 after 72 years of trading, re-opened in early 2004 after a $12 million refurbishment, then closed permanently in 2014.