Friday, 4 March 2011

Parramatta. $24.6 million upgrade

The historic Old Kings School site in the Parramatta CBD, dating back to 1836, will undergo a $24.6 million makeover – preparing it to become a major arts and education precinct for Western Sydney. The Land and Property Management Authority has negotiated the sale of a part of the site to the adjoining owners, the Parramatta Diocese of the Catholic Church. The land sold to the church represents 12 per cent of the total site – a market value of $5.5 million – as determined by the independent Valuer-General. Proceeds from the sale will be directed to funding the arts precinct. The remainder of the site will be placed in the public reserve system and managed in accordance with the Crown Lands Act 1989. The redevelopment project will create 215 new construction jobs. Parramatta Lord Mayor, John Chedid, welcomed the state government’s decision.



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