Director of Environmental and Planning Services for Holroyd City Council Mr Greg Raft, neighbour of Parramatta CBD, said with urbanised Western Sydney areas now encouraging infill development, smart investors are seeing the potential for immediate returns.
"Major residential and commercial developments in urbanised town centres like Merrylands and Mays Hill use to be off the cards because of limited green space," said Mr Greg Raft.
"However with Western Sydney councils like Holroyd increasing building height limits and reducing red tape around development, investors are pursuing the economic trend of quick and substantial returns for developments in centres with pre-established populations and infrastructure.
"Holroyd's target for the Merrylands Town Centre alone includes over 15,500 additional dwellings and 100,000sqm of new commercial space over the next 20 years."
The latest investor to secure space for a major development in Merrylands is Dyldam with a $40m 9-storey development which boasts 2,229sqm leasable floor space, 146 dwellings and 246 parking spaces.
Dyldam Development Manager Remon Fayad said the close proximity of Sydney’s urbanised town centres such as Merrylands to public transport, major road networks, and their thriving amenities and services warranted his firm's attention.
"Town Centres like Merrylands are just 25km out from the Sydney CBD, around 5km out from the Parramatta CBD and yet, are leagues apart in terms of investment affordability whilst offering great yield potential,” Mr Fayad said.
"These urban areas are connected to arterial road and transport networks, are home to major employment hubs and booming retail and professional service sectors, and are seeing increasing investment into revitalising streetscapes and integration of safety by design into developments."
The development is consistent with the scale and form of development planned for Merrylands, and will contribute to the Town Centre.
