Penthouse at Coronation Property's 8 Phillip Street sells for a record $3.325 million

City views: Would you be willing to spend $3.325 million for these penthouse views?

City views: Would you be willing to spend $3.325 million for these penthouse views?

Parramatta’s apartment price record has been smashed for the second time in seven months.

Construction is yet to start on Coronation Property’s 8 Phillip Street development, where a western Sydney businessman and his wife bought recently a penthouse for $3.325 million.

It overtook the $3 million record set by a previous penthouse buyer at 8 Phillip Street in late 2016.

The three bedroom, four bathroom penthouse with 180 degree views is one of a handful of residences on the top two residential floors of the 55-storey tower.

“The unique feature is that the design will be customised by Dominic Alvaro from Woods Bagot, who is one of the best architects in Australia, if not the world,”  Coronation Property sales director Jason Soulos said.

“Most developers say to buyers, ‘here’s your apartment”, but we sit down with them. So they can choose if they want marble instead of granite or a different colour scheme.”

Drawing from buyers' inspiration: Architect Dominic Alvaro is regarded as one of the best in Australia.

Drawing from buyers' inspiration: Architect Dominic Alvaro is regarded as one of the best in Australia.

On the rise: 8 Phillip St will be completed in 2020.

On the rise: 8 Phillip St will be completed in 2020.

The couple, who wished not to be identified, selected 8 Phillip Street after deciding to downsize.

“The buyer mentioned that he was particularly impressed by the concept of having a five-star QT Hotel on the lower levels and residential living above, similar to developments he had previously seen in New York,” Mr Soulos said.

Sky's the limit: The development will be 55 storeys high.

Sky's the limit: The development will be 55 storeys high.

Five of the eight penthouses are yet to be sold.

“There’s potential we could break the record again,” Mr Soulos said.

“This will be the first five star building in Parramatta, from the ground up. There are people out there who want a world class style of living, which not many other have developments.”

8 Phillip St will also include Sydney’s highest rooftop venue Studio 54, a QT Hotel, multiple meeting and event spaces, grand ballroom, an alfresco open-air pool on the 18th floor and two of Rockpool Dining Group signature restaurants.

“We have less than 20 per cent of units left to be sold,” Mr Soulos said.

“Parramatta will become the CBD of Sydney and its connectivity speaks volumes. It’s now a hub for education and business. Parramatta is in the news now every week and deservedly so, getting a lion’s share of infrastructure.”

Earthworks at the site could start later this year with the first residents expected to move in at the end of 2020.

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