McDonald’s moves into apartments with Stockland
Stockland and McDonald’s Australia are progressing plans for a new urban renewal and apartments project in the heart Parramatta, as the fast food giant moves into housing.
McDonald’s owns the site on the corner of Church Street and Victoria Road, with plans for the future mixed use precinct to include up to 350 apartments and around 1,565 sqm of community retail and services development.
The proposal includes provisions for a range of one, two and three bedroom apartments.
A revamped McDonald’s restaurant will be the major retail fixture of the development.
The site is positioned at the northern gateway to the booming Parramatta CBD, with views over Prince Alfred Square and directly opposite a future Parramatta light rail stop. Parramatta’s food and arts district is just 300 metres away, as is the new Western Sydney Stadium, which is currently under construction.
Stockland’s managing director, Mark Steinert, says the proposed project “aligns with our residential strategy to develop high quality, liveable, affordable and walkable homes in a community setting”.
Pending approvals, the project will enable Stockland to “expand our exposure to the strong Sydney apartment market,” Steinert adds.
According to PWC’s Parramatta 2021 report, published in October 2016, the greater Parramatta area will be home to an additional 41,000 people over the next five years.
Steinert says the partnership will help Stockland “progress our apartments strategy in a connected, walkable urban area with nationally significant infrastructure investment and development currently underway, and schools, university and a hospital nearby”.
Josh Bannister, McDonald’s senior development director, says the project is “one of the first mixed use developments where McDonald’s has been integral to the design from the outset”.
The new McDonald’s restaurant will include two levels of seating, a PlayPlace, McCafe and a dual lane drive thru.
The agreement with McDonald’s Australia is subject to satisfactory rezoning and presales.