Dyldam Developments to transform Parramatta CBD office building into 120 residential apartments

An office building in Parramatta’s CBD bought for AU$24 million by Dyldam Developments is soon to be rebuilt into apartments.

Dyldam Developments, an Australian construction and property development industry which is run by Joe Khattar and Sam Fayad, has announced that the conversion of the office at 460 Church Street into apartments would be first of its kind. It had also been marketed for the purpose by Commercial Real Estate Services’ Western Sydney managing director Frank Oliveri.

The office was on lease and was subjected to demolition clauses. Oliveri said the developer would get a strong income from the existing leases while they work towards getting the approval. The seven-storey office building, which is about 7,500 square metres, would be reconstructed to house 120 plus apartments.

Apart from this office building located on the corner of Church Street and Fennell Street, other residential projects on Church Street are also underway that include 330 developed by Meriton, 333 developed by Lidis and 463 Church Street developed by Holdmark.

“Parramatta is being rapidly transformed, with the periphery of the CBD shifting from being predominantly a commercial precinct to one that is now dominated by residential developments,” Oliveri said .

A few other projects which Dyldam development is looking after are Koi Parramatta, two 20-storey apartment towers, Hills Park in the Hills Shire and Infinity in Carlingford. Other projects those are saved up for future include one in Bankstown and Pendle Hill, another one is Parramatta’s former engine room of Cumberland Press and also 142 Macquarie Street.

Meanwhile, a high demand for residential apartments in Parramatta has been recorded recently, with Domain Group nominating it in spring hotspot list. Hence, Dyldam has listed itself with the developers to ground its stake in Sydney's next CBD, Parramatta.

Colliers International national director Curtis Field also suggested that the growth in the area has been very strong in the recent past. It also has interests in the northwest growth corridor, which will be home to the future fast-train, the North West Rail Link. However, Dyldam declined to make any comment when contacted, reported Financial Review.

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