Altitude’s peak night

THE Meriton group has opened a $700 million twin-tower development in the heart of Parramatta and signalled it has even bigger ambitions in Sydney’s designated second CBD.

The riverfront Altitude, which has residential and serviced apartment towers and a riverfront dining precinct, was opened last night by the Hon. Andrew Constance, the Minister for Transport and Industry.

Meriton founder Harry Triguboff said Altitude continued 45 years of activity by the development group in Parramatta.

“We started with the red-brick unit blocks that can be seen around the area today.

“We went on to build the Waratah Hotel on the West Highway, which we later turned into studio apartments and sold.

“Many other projects have followed.

“The success of Altitude, which I hope will become a landmark, is but the latest endorsement of our faith in Parramatta and its future.”

Mr Triguboff said that when the finishing touches were put to Altitude by the end of June, Meriton planned to focus on the redevelopment of a site on the corner of Charles and George streets.

“We’re hopeful that we’ll get a green light to develop two towers with around 700 apartments.”

Mr Triguboff said projects such as Altitude and the planned new one would not be viable if the NSW Government was not successfully on the front foot in improving transport and rail links, including a new light-rail system to the Parramatta CBD and which would run past the Altitude front door.

Altitude has been built on a former David Jones site in Church Street, bought for $36.5 million in 2010.

Its 54-level residential tower has 377 apartments — two of them expansive penthouses — and 343 have sold at from $615,000 to $2.2 million.

There are 254 suites in the adjoining serviced office tower, which opened late last year.

Fitouts are under way on the six tenancies in the Altitude dining precinct.

They range from 50 to 500sqm, with the largest one to be home to the Bay Vista Dessert Bar.

Altitude’s five-star guest and resident facilities include a heated indoor pool, spa, sauna, outdoor resort-style pool overlooking the river, gymnasium and landscaped gardens.

There also is a 55-place childcare centre.

James Sialepis, the Meriton director of sales, said the buyer demand for Altitude apartments was not surprising given the area’s impressive record for price and rent growth.

“The median price of apartments has risen by 52 per cent in five years and rents have climbed by 22 per cent.”

“The area’s growing maturity and lifestyle offerings mean it’s become a very in-demand area.”