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Sydney car park plot finds way into A$140M development package deal

The Parramatta Council in Sydney offered the former David Jones car park plot in the Parramatta suburb to Australia's New South Wales government as part of a A$140 million package deal the duo are in talks for, The Australian Financial Review reported.

According to the July 31 report, the 520-space car park has been earmarked to become the new location of the Powerhouse Museum, also known as the Museum of Applied Arts and Sciences. The development cost of the museum has not been set.

The site is being offered to the state government in return for its A$140 million investment that will go toward the A$100 million regeneration of the nearby Riverside Theater and financing a 20-year arts and culture promotion program for the community.

As of July 31, US$1 was equivalent to A$1.25.