$500 million apartment complex proposed

Parramatta property developer, Dyldam, expects to lodge soon a DA with Parramatta City Council for a $500 million-plus apartment complex in the Parramatta CBD.

Landmark East, a company associated with Dyldam, purchased the 1.25-hectare site, at 142-154 Macquarie Street, in an off-market deal estimated to be worth $45 million, in April, according to The Australian.

The site, formerly the head office of News Corp’s Cumberland Press, could be converted for up to 1000 residential units.

Under the plans, the building would be demolished for the construction of towers up to 50 storeys, subject to council approval.

Dyldam chief operating officer, Fayad Fayad, said construction of the complex could start in the first half of 2016 and take four years to build.