Private equity real estate firm Conquest has announced its plans to develop a Build to Rent scheme on a prominent site in Parramatta, Sydney’s ‘booming second city’.
Falling under Conquest’s Build to Rent brand ARTE, the development is envisioned as a mixed-use skyscraper designed to serve conventional households and key workers.
The proposed scheme, expected to reach approximately 250 metres and house up to 1,000 studio, one-, two-, and three-bedroom apartments and a commitment to dedicate 10% of the entire proposed residential gross floor area for affordable housing for 15 years, managed by a community housing provider.
Amenities include a gym, pools, sauna, shared workspace, yoga room, wellness facilities, and a cinema room. The development will also deliver commercial and retail space over a four to five-level podium design.
The ambitious scheme is planned for the amalgamated site at 87 Church Street & 6 Great Western Highway, Parramatta, a highly accessible and strategic corner allotment within the Parramatta CBD.
The tower is projected to reach approximately 78 storeys and 250 metres in height, positioning it as one of Australia’s tallest buildings. This integrated approach provides high-density housing and enhances the amenity and vibrancy of the Parramatta City Centre.
The estimated end value of the completed tower is projected to be in the region of $1.5bn. In pursuit of architectural distinction, Conquest intends to conduct a design competition, collaborating with the best architects in the world to ensure the building is a landmark destination of design excellence.
“This is a landmark project. Now that the planning departments have allowed us to go up, we’re looking to build one of the tallest towers in the country and create a landmark piece.
“Conquest’s role as a private equity real estate firm with a vertically integrated structure provides essential synergies to manage costs and deliver complex projects.
“This vertical integration is key to the group’s ability to “still make things stack up” where others struggle, particularly in the Build to Rent sector. We’re really a long-term player in the Build to Rent sector, and we believe in Sydney and the strength of the Build to Rent market as the population increases and migration continues.”
Michael Akkawi, CEO, Conquest
Conquest has an option on the site, and the proposed tower is currently progressing through the planning system as a State Significant Development Application (SSDA) with a concurrent rezoning request, following its declaration as a ‘declared project’ by the NSW Minister of Planning and Public Spaces.
To achieve the intended scale and housing capacity, the proposal requires amendments to existing planning controls, such as: seeking an amendment of Floor Space Ratio (FSR) from the current 10:1 to 23:1 and Height of Building (HOB) from 180m to 250m.
This pursuit of increased yield, leveraging government increases in FSR and the HDA process, is essential to making such a large-scale project financially viable, particularly for the Build to Rent sector.
The Scoping Report seeking the Secretary’s Environmental Assessment Requirements (SEARs) has been submitted to the NSW Department of Planning, Housing & Infrastructure.
The scheme is strategically designed to tackle the housing crisis by increasing housing supply in a high-amenity, transport-rich location.
However, Conquest stated that rising construction costs remain a core challenge, reinforcing the value of a vertically integrated approach to manage financial risk and maintain delivery certainty. Alongside this, new government charges are adding significant pressure to project feasibility.
The introduction of levies such as the Housing Productivity Commission (HPC) charge can amount to a substantial sum on a 1,000-unit development, further tightening already constrained margins.
Delays and fees imposed by authorities and utilities are compounding these pressures. Issues linked to organisations including Sydney Water and Ausgrid were highlighted as major contributors to avoidable costs and protracted timelines, creating barriers for the delivery of much-needed housing.
“Housing is taxed more than tobacco. And that’s a very big problem.
“It needs to be looked at on a federal level, not just at a state-by-state level. We look forward to seeing it through.”
Michael Akkawi, CEO, Conquest
