The properties are close to a 54-floor residential and hotel tower which the company is building in Phillip Street.
The properties at 263 Church Street, a commercial building, and the Crown Hotel at 295 Church Street are in the heart of the city’s food and entertainment “eat-street” precinct
Iris Capital had a NSW Planning & Environment Gateway approval for a 45-level residential development with 1100 square metres of retail space and basement car parking, on the 1082-square-metre site.
Coronation, which plans to continue to operate the hotel, formerly the One World Sports Bar, is expected to reveal its own redevelopment plans.
Iris Capital bought the property in early 2016 for about $8.28M; the property sold for $7M.in June 2011.
The property at 263 Church Street, a 600-square-metre three-storey heritage office building with ground floor retail, could be restored.
The two properties are a stone’s throw from Coronation’s “8 Phillip Street” development around the corner.
8 Phillip Street, one of the tallest proposed buildings in Parramatta at 54-floors, will include 35 levels of approximately 320 apartments, a 14-level, 198-room QT Hotel –
Parramatta’s first five-star hotel – upmarket restaurant brands, Sake and Rockpool Bar & Grill, and a Studio 54 rooftop bar.
The project will integrate with the existing heritage St Andrew's Church and St Andrew's hall, on the corner of Phillip and Marsden streets, next to it.
Woods Bagot, the winning architect, will use St Andrew's Hall as the entrance to the building.
“Coronation’s contribution through the development of 8 Phillip Street is a major endorsement for Parramatta’s future growth and success,” said David Borger, Western Sydney director, of the Sydney Business Chamber.
8 Phillip Street, which won the marketing award at the 2017 UDIA/NSW Awards for Excellence, is set to open in 2020.
