The YPI Files | Promenade No 2 Parramatta

The Young Property Investor Secret Agent talks to us about ‘Promenade No. 2′, luxury in the heart of Parramatta

Name: ‘Promenade No 2’

What: Resort style living in the heart of Parramatta, a future growing CBD in Sydney’s West.

Where: 2 Morton Street Parramatta

Price: Starting from $533,000

Who: Starryland | CBRE


Blink, and you’ll miss it. Parramatta is no longer the gateway to the dirty Western Suburbs (yes I know it hasn’t been that for a long time, but some people do believe this.)

With excellent layouts, and a fantastic view over the scenic Parramatta River, this complex does provide convenience and luxury living.

Gone are the days apartments are designed in Parramatta with limited space, and basic inclusions, between this development and V by Crown, luxury is back as a standard.

Where and What?

Parramatta is considered New South Wales’ most liveable city. It has the nation’s 5th biggest economy close behind Perth and Brisbane, it is already considered the second CBD of Sydney.

Western Sydney itself has a population of about 2 million, however this will be 4 million by 2050. There is huge growth in this area.

30% of Australia’s top 500 businesses have offices in Parramatta, with more growth predicted. Don’t forget about the University, with Western Sydney University nearby.

There are over 100 programs, and 40,000 students, and it is one of the fastest growing universities, with 30,000 more students expected by 2036.

Parramatta CBD is a central hub of business, entertainment and culture. The progressive Parramatta City Council has undertaken a large transformation of the City Centre, incorporating factors from the City of Western Sydney’s vastly multicultural background into it.

Eat Street (Church Street) is a good example of it, with restaurants of all types lining the main central road. Cinemas, entertainment and events hosted by the council run throughout the year, as well as Western Sydney Wanderers games at Parramatta Stadium.

One of the nation’s largest shopping complexes also lives in Parramatta. The Westfield has 498 stores and services, over 137,000 sqm of retail floor.

Parramatta is also slowly incorporating a growing ‘hip’ culture, with urban cafes, from out Eastern Suburbs making their way  to the new CBD, as well as large river foreshore, undergoing major development, however it will keep it’s river front spark as pathways, and walkways for leisurely strolls or scenic workouts.

Don’t forget about Riverside Cultural Precinct, which will plan a multi million dollar arts complex with council’s blessing, Parramatta Square, a $2 billion redevelopment creating a new civic centre.

Westmead Hospital is getting an upgrade too (what isn’t in Parramatta?), with a billion dollar infrastructure investment. Rose Hill Race Track is also nearby, probably set for a redevelopment too (Editor Note: It is).

 

 

Key Reasons To Consider

  • Parramatta’s Growth
    • 60% of Sydney’s 25 Year Population Growth will happen in Parramatta/Western Sydney, which equates to 25% of the nation’s 25 year population growth.
  • Business and Economy
    • Already a strong economy (5th largest in Australia), it is set to grow immensely over the next 20 years.
  • Riverfront
    • In 20 years time, the prime real estate in Parramatta will be CBD properties, as well as Riverfront Scenic Apartments. This development sits on the foreshore, which will house 31 hectares of open area, adding to the appeal.

 

Contact: Starryland | CBRE

 

Key Statistics 

Property

$568k
12-month growth  13.54%
Average Discounting -3.62%
$460
Stock on the market 82
473
4.2%
31

Suburb

Council Parramatta Council
Distance from Sydney CBD 19 km
Population 20,000
5 Year Population Change 18%
Largest Age Demographic  25-34 year old
Largest Household Income (%) $78k-130k (23.10%)
Largest Household Structure (%) Couples with Children (37%)
Occupancy Data (%) Renting (61%)

Source: Data from CoreLogic RPData and Australian Bureau of Statistics.

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Author

The YPI Secret Agent is just that. An Australian Real Estate Professional, scoping out beautiful or frugal property choices in the market today. His identity is unknown, but his credentials are high. He's a man you can trust.

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