Western Sydney University has signed an agreement with Holdmark Group, which may be about to add its name to the rarified list of developers able to manage the tough office to residential conversion challenge. That’s if things go to plan.
For now, the company has signed an agreement with Western Sydney University to turn a vacant 14 storey commercial building at Parramatta west of the Sydney CBD into 600 student units in a $100 million project.
The retrofit, at 10 Valentine Avenue, is near the university and the local rail and bus interchange.
The turnkey development is slated to include a range of modern communal facilities designed to support student wellbeing and academic success, including:
- dedicated study and breakout areas
- gym and yoga facilities
- music and jam rooms
- rooftop recreation and sporting areas
- communal kitchens and social spaces
The development is on part of a site at 2–10 Valentine Avenue, bought from Australian Unity in 2024.
The late 1980s building at Number 10 comprises about 16,000 square metres of commercial space across 14 levels.
The NSW government was its previous tenant, but the building became vacant following the relocation of several government departments to newer premises at Parramatta Square.
The developers said an adaptive reuse of the building will reduce the need for wholesale demolition.
The company has also completed an adaptive reuse of a nearby building at 264 Church Street from a former heritage Westpac Bank building into a hospitality and entertainment venue.
Other projects that have attempted office to residential conversion include:
- A Dexus owned building in Brisbane, Minerals House, converted to student housing
- 5 Blue Street in North Sydney, owned by Zurich, a 13-storey office tower slated for conversion to a 15-storey residential tower with 147 apartments and 20 per cent of the residential floor space reserved for affordable co-living
- An office to retirement residence in South Melbourne, in Albert Road, known as The Alba, owned by Australian Unity
The developer’s chief operating officer, Kevin Nassif, said the agreement with WSU will be a significant investment into the future of Parramatta and the students who are studying and building their careers in Western Sydney.
“Rather than demolishing an older building and starting again, we are giving an existing asset a new purpose through a major refurbishment that will deliver high-quality accommodation, outstanding student amenities and renewed activity in this important part of the Parramatta CBD.
“This partnership will transform a vacant commercial building into a vibrant student community in one of the best-connected locations in Western Sydney.
“Students will be able to step outside their accommodation and access Parramatta Station, the University’s CBD campuses and everything Parramatta city has to offer.”
Nassif said that thanks to government investment in transport, education and cultural infrastructure, there are enormous opportunities for Parramatta.
Western Sydney University’s chief operating officer Bill Parasiris said the project will “increase the supply of dedicated student accommodation in Parramatta, helping meet growing student demand while reducing pressure on the broader housing market.
Construction and refurbishment work is expected to commence this month, with the first students expected to move into the facility in Q4 2027.
Other activity by the company delivered 2404 homes at Melrose Wharf, which included 378 affordable homes, retail and a riverside park.
