Melrose Park site in Sydney Acqualand?s biggest Australian buy.Parramatta council has received a windfall of almost $130 million for new community assetsfrom the sale of a large site in Melrose Park where a new apartment complex will be built, claimed lord mayor John Chedid.
Cr Chedidsaid the 4.8ha site, bounded by Victoria Rd andWharf Rd, has been bought by property group Aqualand Australia in western Sydney’s biggestdevelopment site sale of 2014.
“This is a great win for our community,” Cr Chedidsaid.
“The site is a key eastern gateway to Parramattanear excellent public transport links and the Parramatta riverfront with Sydney-wide views.
“For many years, this site has been under-utilised and surplus to community needs. The saleprovides a financial windfall for our community and will deliver high quality new housing in asought-after location.”
The council CEO, Greg Dyer, said the council had taken advantage of thecurrent strong market for apartment development sites in Sydney’s west.
“We have achieved a great result for our City,” he said “The sale will allow us to invest in newassets that will better meet future community needs. It’s about maximising the value of our assetsfor the benefit of our ratepayers and residents.”
The site, which includes a mini-golf amusement park and vacant land, is partially owned by NSWRoads and Maritime Services.
While the site has already been rezoned for apartments, Aqualand Australia will need to submit adevelopment application detailing the proposal.
All relevant planning issues will be carefully considered and there will be a focus on high qualityand environmentally sustainable design.
The sale was hotly contested by 11 parties, including both local and offshore developers, in anopen expression of interest process. A decision to exchange contracts with Aqualand Australia was made at Monday’s council meeting. The sale has a 100-day settlement period.
Cr Chedid said the new development would help to revitalise Melrose Park and provide muchneeded new apartments in the fast-growing suburb.
“It will also provide greater housing choice in the area – for empty-nesters looking to downsizeand young couples seeking to enter the property market,” he said.
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