$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.

Enterprise House sold for $29 million

Raffles Assets Australia has purchased the six-storey Enterprise House, office building, in the Parramatta CBD, for $29 million

The company, a subsidiary of Singapore-based Raffles Education Corporation, has entered into a contract for the sale of land to acquire the land and building located at 1-3 Fitzwilliam Street, opposite the Parramatta train station.

The property will primarily be developed as a permanent campus for the company’s

college in Sydney, Raffles College of Design and Commerce, the company said in a.

statement to the ASX.

The 2049-square-metre has a net lettable area of 9782 square metres, with 103 parking lots.

Council entices small businesses to the city

Parramatta City Council is taking to the streets to encourage businesses from across Sydney to move to Parramatta.

Parramatta Lord Mayor Cr John Chedid said council staff are approaching businesses in areas such as the Sydney CBD, Surry Hills and the Inner West with a clear message: “Parramatta is open for business.”

The initiative is part of Activate! Parramatta, a new program offering grants up to $10,000 for budding entrepreneurs or businesses to set up in Parramatta and contribute to the diversity and vibrancy of the city.

“There are great opportunities in Parramatta to expand your business,” Cr Chedid said

“Activate! Parramatta is about promoting the value of our City as a destination for business and creating opportunities for innovative ventures.

“I encourage people to have a good look at Parramatta as a location.

“We are the centre of Sydney, our economy and our population are growing by the day. The State Government’s recent budget announcements on improved infrastructure and jobs for Parramatta show this is a city on the move.”

“Businesses already signed up as part of Activate! Parramatta include Bourke St Bakery, which is set to be established by the end of 2014, adding to Parramatta’s reputation as one of Sydney’s hottest food destinations.

“Parramatta also recently welcomed 3D Printing, which opened in Darcy Street, bringing their technology to other businesses in the City.

“If you think you’ve got an idea that can work in Parramatta, get in touch,” Cr Chedid said.

“You can read about the program on our website and download an Expression of Interest form. Or you can look out for our staff as they make their way around the city.

“Parramatta wants your business!”