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Coombes Property, partner propose A$227M Sydney office development

Coombes Property Group submitted a development application for the construction of a grade A A$227 million office tower in Paramatta, Sydney, alongside partner Drivas Property Group, The Australian Financial Review reported, citing a statement from a company official.

The proposal to the City of Parramatta Council features a 23-story, 34,277-square-meter building in Sydney's second central business district at 50 Macquarie St. and 220 Church St. The tower will stand on a 3,685-square-meter site, owned by the duo for over 20 years, and include retail space on 1,534 square meters of ground floor as well as 150 car spaces in the basement.

Coombes and Drivas have engaged Crone Architects to design the project that they aim to complete in two years, the publication wrote.

Cushman & Wakefield will act as joint manager of the leasing campaign alongside CBRE.

The Oct. 4 report also noted the September launch of the first phase of Coombes' 35,000-square-meter A$300 million Gateway mall development in Palmerston, Australia.