AHS Advisory client Parramatta City Council has lodged a development application for the tallest residential tower in the Southern Hemisphere – a 90-storey development on 160-182 Church Street, Parramatta.
Costing an estimated $300 million, the Aspire Tower will reach a maximum height of 336 metres, featuring indoor gardens, bars, retail, function space, apartments, hotel and the highest public viewing platform in Australia, boasting expansive views to the Sydney CBD to the east and regional views over the Cumberland Plain towards the Blue Mountains to the west.
The Aspire Tower is one of the first developments of Parramatta Square, a development precinct set across three-hectares of Council-owned space and real estate in the heart of the Parramatta CBD. The development includes 700 apartments, retail space in the lower levels and a 150-room hotel, which will bring urban vitality to the Parramatta city centre.
By lodging the DA for this development and getting it approved, Council is making the Aspire Tower attractive to developers by taking away some of the risk in the process. Aspire complements the NSW Government’s vision for Sydney, outlined in its draft Sydney Metropolitan Strategy.
Determination is anticipated late this year and upon approval Parramatta City Council will take the development to market to find suitable investors.
AHS Advisory provided research and analysis relating to the supply and demand of accommodation facilities in Parramatta, in order to provide market driven recommendations towards the most appropriate type, scale and standard of hotel facilities to be incorporated in the Aspire Tower.
AHS also prepared a forecast of achievable room occupancy and average room rates.