The putdown by The Australian Financial Review, of the city does not ring true with the NSW government’s acknowledgement of Parramatta as the major regional city in the metropolitan area.
Nor does it sit well with the same article noting council’s masterplan, “Building Australia’s Next Great City”, to realise the government’s concept of Sydney being a dual CBD city comprising the Sydney and Parramatta CBDs.
The unfortunate reference to Parramatta was made in an article highlighting the wave of Asian investment in the city.
The latest being the Chinese developer, Greenland Group, which is considering the purchase of the Crown Hotel, at 295 Church Street, from pub owners Iris Hotels.
Iris Hotels has lodged a planning proposal with Parramatta City Council to increase the height and floor space ratio of the building, formerly the Oneworld Sport Hotel, which is in the heart of the “eats street” precinct in the CBD.
Other examples of Asian investment include Malaysian property developer, EcoWorld International which will develop the $300 million, 397-apartment West Village residential project at 100 Church Street.
Starryland Australia, an offshoot of China's Fuxing Huiyu Real Estate Company, is building the $550 million Promenade, comprising 774 apartments across 11 buildings, ranging from three to 12 storeys, overlooking the Parramatta River, on a five-hectare site, in Morton Street.
- By Red Dwyer
