Parramatta in Sydney’s west could be shaping up as a Build to Rent (BTR) hotspot, with plans for a new development comprising 393 apartments near the train station.
Built across two towers, the project by Urban Property Group will include BTR, NDIS rentals, and affordable housing units, and joins other BTR proposals by developers such as Novus.
According to scoping documents, the development would have a total gross floor area of around 70,500 square metres and a maximum height of 40 storeys, incorporating BTR, commercial, and retail space.
“The proposal will contribute to a stronger and more vibrant Parramatta CBD by delivering rental housing choices, office floorspace, and activated ground-floor uses within walking distance of public transport, high-amenity outdoor space and world-class cultural facilities,” the submission read.
The new BTR projects in Parramatta will pose a challenge to the approximately 50 retirement villages in the area, as BTR’s amenities and lack of Deferred Management Fees make it an appealing alternative for aging baby boomers.
