Fast food giant McDonald's is trying its hand at property development, teaming up with listed developer Stockland for a mixed-use project in the Sydney suburb of Parramatta, The Australian Financial Review reported.
The pair will jointly develop the McDonald's site at 355-357 Church St. into a scheme featuring 350 apartments, 1,565 square meters of retail space, a carpark and a two-level restaurant, the March 5 report noted.
Josh Bannister, McDonald's senior development director, was reported by the paper as saying that the partnership with the diversified developer was the company's first mixed-use project. Bannister added that McDonald's is open to the prospect of being engaged in more projects.
In order for it to push through, the development requires the project site to be rezoned and to hit adequate pre-sales for the project's residential component, which will offer one- to three-bedroom units, the publication noted.
McDonald's initial development application with the City of Parramatta was for the construction of a new restaurant with a 76-house residential units.
The fast-food giant had no intention of developing the apartments itself and started a selection process for developers, before settling on Stockland.
