PROPERTY INVESTORS REMAIN BULLISH
PROPERTY investors remain bullish about the long-term merits of residential real estate; a new survey has found. The second annual Property Investment Professionals of Australia (PIPA) Property Investor Sentiment Survey, which gathered insights from more than 1,000 property investors, shows that more than 70% of respondents think now is a good time to invest in property. This figure was up by five percentage points compared with last year. Only 13% of investors see record low interest rates as the key reason why property is the most attractive investment choice right now.
NARELLAN TOWN CENTRE DEVELOPING
THE $150 million Narellan Town Centre is due for completion late 2016, with the overall development expected to be completed mid-2017. The expansion will double the mall’s floor space from 35,000 square metres to 70,000 square metres. The expanded town centre will create an estimated 1750 jobs open and rival other major shopping centres in the area, including Macarthur Square in Campbelltown.
PLANS FOR 48-STOREY HOTEL
CORONATION Property and Karima Group plan a 48-storey hotel on the former site of St Andrews Uniting Church and the church’s hall, at 2-10 Phillip Street in the Parramatta CBD. Both properties are listed as items of local heritage significance and will be incorporated within the design. The proposal will include commercial sites on the lower levels, including cafes and restaurants, and about 330 units.
SALVOS SITE FOR SALE
THE Salvation Army has on the market a 2439-square-metre site with significant redevelopment potential on a busy thoroughfare through the Parramatta CBD.
The site includes three properties at 32 Smith Street and 93-95 Phillip Street – a prominent corner – is used by the Salvation Army as an office and church hall.
The site, zoned B3 Commercial Core, has redevelopment potential of 28,046 square metres with a height limit of 120 metres.
For sale elsewhere in the Parramatta CBD is the historic Perth House built circa 1841 and located on a 368-square-metre site, at 85 George Street, in the corporate sector of the CBD.
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