Iris lodges 44-storey plan for PJ Gallagher’s pub site
Sam Arnaout’s Iris Capital is inching closer to realising a billion-dollar vision for Parramatta, lodging plans for a 44-storey mixed-use tower atop the former PJ Gallagher’s pub.
The site is located to the south of the city centre at the entry point to the Auto Alley precinct and is about 350 metres from Parramatta railway station.
Iris has proposed a modernist-inspired high-rise with 256 apartments, 150 hotel rooms and retail, hospitality and office space on the ground and first floors.
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Parramatta City Council will review the Grimswhaw, Bennett and Trimble designed plans this week, with the outcome up in the air. Council planners have recommended the council does not support the planning proposal, citing it’s proximity to the Auto Alley “Gateway” precinct already earmarked as the next area for CBD expansion. They also note the site’s mix of apartments and hotel rooms sits at odds with an area of the city flagged for commercial development.
Arnaout, who is one of Sydney’s largest private developers, is unperturbed, describing the development as an “integral” piece within an precinct that rates as one of the fastest growing in the country.
“The building is pivotal in helping create the council’s vision for that gateway into Parramatta,” he says.
Iris now has about $100 million in the development pipeline in Parramatta.
“It’s an instrumental site and we’re very proud with what we’ve achieved.”
Iris is already in talks with the Black Stump steak chain over a major office tenancy that would take up the whole first floor, which the group has identified as a possible location for its Asia-Pacific headquarters.
Iris has spent more than $100 million in the past two years buying sites throughout the suburb, in a bid to capitalise on strong population growth and a council supporting redevelopment.
The group now has a total pipeline in Parramatta that when completed will be close to $1 billion, according to Arnaout.
The building is pivotal in helping create the council’s vision for that gateway into Parramatta
The development comes as the pace of progress in the satellite CBD ramps up.
Rival developer Dyldam is progressing $600 million plans for the nearby Auto Alley site, which has capacity for three high-rise apartment and commercial towers in addition to a public plaza and mall at street level.
Malaysian developer EcoWorld is developing a 300-apartment complex known as WestVillage at nearby 100 Church St.
This article originally appeared on www.theaustralian.com.au/property.
