An iconic architecture called 8 Philip Street is underway in Parramatta. The 55-storey building is a collaboration between Coronation Property Managing Director Joe Nahas and the acclaimed architects of Woods Bagots. The latter is a world class architectural firm with a total of 17 studios in different parts of the world including Australia, Asia, Middle East, Europe and North America.
Woods Bagot won the architectural design for the residential tower, which is expected to be completed by the end of the decade. The luxury building will house as many as 300 residents and feature various opulent amenities, which will demarcate it from similar superstructure in Parramatta. These notable facilities include a boutique QT hotel accommodation, a signature QT bar & grill restaurant, Spa Q, event halls, 200-seater ballroom center, and an alfresco infinity pool. Its main attraction is the Studio 54, a rooftop bar that can accommodate as many as 600 guests who will also enjoy the magnificent view of the metro.
On the other hand, Joseph Nahas led his company, Coronation Property, to success during the sales for the first stage of 8 Phillip Street. The Australia-based development firm already received notifications from 200 interested parties about their plan to purchase units. This has resulted in over $110 million worth of sales in the first few hours after the launch of the sales for the building’s first stage. Potential buyers even looked into buying units from the Stage 2 of the tower. The favorable response from the locals led to the sales of the units at an unexpectedly faster rate. Those who are looking to purchase their own apartment in the tower are expected to be ready to spend a minimum of $459,000.
Joe Nahas also emphasized that the locals of Parramatta will get a good offer for their one, two, and three bedroom apartments, as well as their studio and penthouse options in 8 Philip Street. They will also enjoy a lavish hotel-like accommodation but still get to have the privacy that comes with having a residential property. The development of the extravagant structure also comes at a great time since only a few similar developments can be seen away from Sydney’s central business district that offers ritzy facilities and lifestyle. The residential tower will give the Parramatta local community access to all these unique offerings.
Jason Soulos, the Sales Director of Coronation Property, also boasted about the strong response that the project received from the local community. The interest it drew continued to grow especially from those who were living and residing within the suburb. One of the attractions of this building will be its façade. The celebrity gardener and project partner Jamie Durie has created the landscape design for the building’s exterior, where he wants to place a floating forest and trapeze garden.
The purchase made by Bob Reiman, a local businessman, took the spotlight. He purchased a posh split level apartment for $3 million. He admitted being bedazzled by the high-quality finishes and design of the apartment. He considered it a good investment given the tower’s location and the offerings within the building. All these led him to make the purchase instead of following his original plan, which was to purchase a regular 3-bedroom apartment. In addition, Reiman also bought a studio apartment.
Soulus also stated that Coronation Property did not expect to have such robust sales. They only saw a clear picture of the local community’s remarkable response to the upcoming residential building after their project gallery was opened to the public. More buyers are expected to make their presence known as more people continue to visit the project gallery and the display apartment on the level one at 8 Philip Street in Parramatta.