GPT Increases Investment in Parramatta
In a positive move, the GPT Group has amalgamated a future development site on George Street in the heart of the Parramatta CBD for $75 million.
The consolidated site covers about 2,871 sqm, with the middle property previously being approved for a 28-storey hotel originally set to house Marriott’s Four Point by Sheraton brand.
The three sites include the historic Perth House at 85 George Street, a single-storey stone homestead built in 1841, a single-storey warehouse and showroom, as well as a seven-storey office building.
GPT confirmed the acquisition and said the site represented a medium-term development opportunity and which is expected to be able to accommodate up to 75,000sq m of prime office space.
The large site sits within close proximity to the proposed Sydney Metro West station.
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