Australian owned property company Payce has partnered with property development and construction group Deicorp to deliver a brand new $700 million retail and residential site, Melrose Central at Melrose Park in Sydney. A joint venture between Payce and Sekisui House Australia, the $6 billion Melrose Park precinct is a major urban renewal project located six kilometres from the Parramatta CBD.
Melrose Central is being planned as a residential, retail, services and entertainment precinct within the Melrose Park development, and will feature 500 residential apartments, 30,000 square metres of retail space, a 4000-square-metre hospital, a medical centre, a childcare centre and a gymnasium.
Very importantly, the precinct will also feature a Parramatta Light Rail stop at its entrance.
“Melrose Central will see the creation of around 1,500 permanent jobs in retail and commercial services, while providing well-located housing a stone’s throw from Sydney’s second CBD,” Payce spokesperson Dominic Sullivan said.
Deicorp founder and chairman Fouad Deiri added, “We are delighted to be working together with Payce on what will become the key destination on the route of the new Light Rail that links Parramatta with Sydney Olympic Park.”
“And with a new station on the doorstep of the site, it reinforces our shared commitment to delivering great transport connected developments.”
According to Payce, Melrose Park is one of the new major precincts to achieve the 30-minute city status.
The $6 billion project covering 30 hectares will include around 5,000 new apartments, a town centre and retail village, community amenities and significant parklands. Melrose Park will create 10,000 jobs in construction and more than 1,500 permanent new jobs. It will be one of the few precincts in Sydney serviced by bus, light rail and ferry, and in close proximity to both heavy rail and a Metro Station.