Austrian Unity Move forward with Office Development
Australian Unity advised that the City of Parramatta Council endorsed its Office Funds' Site Specific Planning Proposal to amend the Parramatta Local Environmental Plan by removing the height limit and floor-to-space ratio, or density, requirements that apply to the site at 2 Valentine Ave, Parramatta.
Previously, the City of Parramatta Council had provided development consent for a ~8,000 square metre commercial office property.
Australian Unity are seeking approval for a proposed commercial office building of approximately 28,000 square metres on the site. The Council have already approved a proposal for the construction of a 14 storey mixed use tower fronting Valentine Avenue with the existing office tower at 10 Valentine Avenue remaining onsite.
Removal of the height limit and FSR Controls could allow this proposal to add a further 20 levels to the project, adding significant value to the site if approved. The current 15,569sqm asset at 10 Valentine Ave is currently valued at $115M and does not take into account the potential value of the development on the adjoining site.