Parramatta. Hotel sold for $19 million

Publican, Patrick Gallagher, has sold PJ Gallagher’s, in the Parramatta CBD, for $19.35 million to the Iris Hotel Group, which has a portfolio of high-profile Sydney pubs. The deal was negotiated on a yield of 10.5 per cent-11.5 per cent.

Parramatta. 20-storey office tower proceeds

CBRE has secured 17,000 square metres of precommitment allowing construction of the 20-storey Eclipse office tower to proceed on the corner of Station and Hassall streets, opposite the Commercial Hotel. Site works have commenced yet no public announcement has been made by the developers Grosvenor Australia and Leighton Properties.

Blacktown. Third release phase

Developers of the $650 million Stonecutters Ridge housing and golf estate, in Colebee, will be releasing smaller and more affordable lots within the next two to three weeks in the third release phase The first 18-hole championship golf course designed by Greg Norman, in Sydney, is set to be opened this December. The development of Stonecutters Ridge is undertaken by Medallist, a joint venture with Norman’s Great White Sharp Enterprises and Macquarie Group. It is managed by Urban Pacific

Fairfield. City Farm stays

Fairfield City Farm is here to stay after its management team allayed fears the tourist and education attraction is about to go into receivership.Concerns about the farm’s future had been raised when entry prices were raised from $48 to $60 for a family ticket this week.At the same time, the cafe lease at the farm ended and a position for a general manager was advertised on a jobs website. City Farm business development manager Ellyse Turner said the general manager position was a newly created job and the entry prices were increased to cover the cost of more hands-on activities at the farm. The company reopened the farm in March last year and has a five-year lease with an optional 13 years.

Sydney Olympic Park. assessment on project

The Department of Planning is assessing the redevelopment of Sydney Showground Main Arena, at an estimated cost of $73 million. The proposal includes reconfiguration of the main arena into a multi-purpose oval capable of accommodating a range of cultural and sporting activities; installation of a new video board and PA system; and an increase in capacity up to 25,000 patrons.