Known for its retirement villages, residential aged care, home care, health insurance and financial services, the mutual company had lodged concept plans for a giant 68-storey tower in the city of Paramatta.
Australian Unity Office Fund has made it clear this is simply a “potential alternate use”, it has lodged a Secretary’s Environmental Assessment Requirements (SEARs) request before the NSW Department of Planning, Housing and Infrastructure. It is also lodged the proposal as a State Significant Development.
The plan is for 611 apartments - 283 co-living apartments (or studios), 141 single-bedroom, 156 two-bedroom and 30 three-bedroom units with a two-level podium joining the two buildings - on a 3940sqm site in Parramatta’s south-east fringe.
In a letter to Australian Unity this month, department team leader Gabriel Wardenburg sought clarification on what type of residential uses were being proposed for the site.
“The SEARs request nominates co-living, build-to-rent and serviced apartments as the land uses, whilst the SEARs request letter only identifies build-to-rent,” Gabriel wrote.
According to CoreLogic, the site was bought by real estate investment manager, developer and operator Investa Funds Management in November 2007 for $65.5 million.
In a half-yearly report released in February, Australian Unity Office Fund investors were told there was an opportunity to reposition the site to Build to Rent via a design competition planning process with the Government Architect of NSW.
But, it added, the proposal may “pursue the state’s newly released affordable housing incentive”, which allows for an additional 30% in residential floor space ration and height, in exchange for a 15% affordable housing provision.
Browse villages.com.au for the latest on Seniors Living including availability.
Prue Bowden,. Australian Unity's CEO, Home Health, outlines the company's vision at LEADERS SUMMIT 2024
