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$50 million site acquisition affirms Coronation Property's commitment to Sydney market

Invest / Development Finance


Sep 05 2017

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Sydney, 01 September 2017 – Coronation Property has reaffirmed its commitment to bringing high quality urban living to New South Wales with the purchase of two more development sites in the heart of Parramatta’s “Eat Street” at 263 and 295 Church Street, - next to its award-winning 8 Phillip Street development - for around $50 million.

The Sydney-based property development company, led by Managing Director Joe Nahas, is regarded by many as Sydney’s leading urban renewal, master-plan property developer.

Mr Nahas says Coronation Property will retain the management of 295 Church Street’s existing Crown Hotel - an iconic venue well known as being the heart of the established Eat Street.

The recent purchase officially marks a new venture by Coronation Property into the hotel and hospitality sector and demonstrates its commitment to providing a truly integrated lifestyle offering.

“As with 8 Phillip Street, which combines world-class operators such as the QT Hotel & Resorts, Sake and Rockpool Dining, with premium residential apartments, so too will we bring our unique brand of lifestyle-enhancing amenity to this new site on Church Street,” Mr Nahas said.

The 1082 sqm site was purchased from Iris Capital and the vision that the site represents is in line with Coronation Property’s ambition to provide a full suite offering comprising of affordable, premium and luxury residences to the market.

Iris Capital Director Sam Arnaout confirmed that the prime site has Gateway approval in place for a high-level concept development featuring 45 stories of residential, 1,100sqm of retail and basement car parking.

“It’s in a fantastic location; the site enjoys a frontage of over 50 metres over Church Street - Parramatta’s famed ‘Eat Street’- and benefits from immediate proximity to the river and future light rail,” Mr Arnaout said.

Coronation Property intends to reveal more detail about its plans in coming months ahead of its plan to bring 295 Church Street to market in 2018.

Coronation Property Managing Director Joe Nahas said that only 10 per cent of apartments remain for sale at 8 Phillip Street, which has been met with overwhelming support by the local community, in particular.

“This being the case, and with many still enquiring to own at 8 Phillip Street, when the opportunity arose to purchase 295 Church Street, we moved quickly as we saw it as fantastic opportunity to further extend the Coronation offering in luxury living and lifestyle-centric development to the heart of Parramatta.”

The purchase of a three-level heritage building at 263 Church Street is also in line with Coronation Property’s tendency to embrace and restore beautiful heritage buildings to be enjoyed by generations to come. In this instance, the 600sqm building will continue to offer ground floor retail as well as trendy office space on its higher levels.

Bringing world class collaborations and design to Sydney is a constant driver for Mr Nahas, who has made it his mission to bring the next generation of world-class living to the market. Providing well-designed and authentic homes is at the heart of everything the team at Coronation Property does.

“8 Phillip Street represents my team’s genuine passion for delivering not just a place the residents love, but that the community at large will also enjoy just as much,“ Mr Nahas said.

“We believe that this is the key to building great cities and we are extremely proud about how well received 8 Phillip Street has been by locals – who made up the vast majority of purchasers across all apartment configurations, including penthouse apartments. This could not have been possible if the greater community did not support the project.”

Bringing to Sydney the very best of its high-end collaborations with industry leaders at the very forefront of their industries across its projects – such as award winning international architectural firms Woods Bagot, SJB Architects and FJMT, Coronation Property remains dedicated to presenting the very best in masterplanned design.

Each development is meticulously matched with the very best architects and designers, while the future lifestyle and convenience of residents remains foremost in the mind of the developer as each puzzle falls into place within its masterfully created communities, along with the ‘wow factor’ for which the developer is now well known.

As demonstrated by the high-end roof top cocktail bar that will be 8 Phillip Street, Coronation Property intends to deliver unique nightlife experiences that hold more than just novelty and intrigue; they also communicate a sense of prestige.

“Just as in Sydney’s CBD, the most popular, high-end venues do not just offer a dining or bar experience but instead deviate from the mainstream by offering a one-off, exclusive experience, so too will our venues,” Mr Nahas said.

“People will be able to take in a jaw-dropping view from a world-class restaurant, engage in living and static art, or witness outstanding performances playing out within the lines of cutting-edge architecture.”

Culturally important sites are also nothing new for Coronation Property and it has already demonstrated the sensitivity and respect with which it safeguards such sites with the integration of heritage components into a brilliant retail plaza for residents at The Paper Mill precinct in Liverpool.



Established in 2012, Coronation is a Sydney based, family-owned Australian property development company with more than $5.3 billion in mixed-use developments in the pipeline.

Committed to developing genuine communities by utilising the greatest minds available in every aspect of the development process, Coronation’s mission is to create urban living precincts that people love and are proud to call home.

Coronation’s developments span across all sectors including luxury apartments, high density mixed use projects and urban renewal precincts including retail, commercial and hotel space. The hand-picked management team have been instrumental in the development of a large number of prestigious projects for Coronation and previous companies.

Coronation controls every aspect of the development and construction process including site acquisition, concept design, design development, authority approvals, construction feasibility and management, marketing, sales and post-settlement services.

Coronation’s large portfolio currently under development and in the pipeline includes the award winning master-planned community The Paper Mill on Georges River in Liverpool, as well as the 314-apartment tower 8 Phillip Street, Parramatta, which launched in late 2016.


Beginning as a property development company, leading Australian hospitality and property industry group, Iris Capital, began acquiring twelve freehold hotels and one leasehold hotel in Sydney’s fast growing south western residential corridors in 1995. Its portfolio of landmark hotels include The Clovelly Hotel, Hunters Hill Hotel, The Bourbon and Colombian Hotels to name a few, as well as recent acquisitions of Hunter Valley Wineries Hungerford Hill and Sweetwater. By boosting operational performance, property values and brand equity with its industry-leading model, these establishments have since become important local hubs by focussing on building a loyal following through outstanding service, exceptional experiences and dining. Iris’ property development portfolio is also extensive with numerous developments in the pipeline, most notably Newcastle’s East End site extending over 4 city blocks and 1.66 hectares, and the recently completed Hunters Hill town centre that has transformed it into a community meeting place. Iris Capital continues to use its extensive experience garnered from over 80 years combined property industry experience to meticulously build a substantial portfolio of assets that generate top quarterly returns within the hospitality and related industries.

SOURCE: Feature Article


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