Parramatta CBD enhanced by huge development
The Property Council of Australia has announced that Sydney’s second CBD will continue to prosper after a concept plan for a 47-storey office tower above Westfield Parramatta was given the all clear to proceed to a design competition.
Property Council of Australia’s Western Sydney Director Ross Grove said today’s announcement underlined the confidence investors and owners had in the Parramatta’s future as a commercial centre.
“Parramatta only continues to grow and expand as people understand and unlock the true potential that Western Sydney brings,” Mr Grove said.
“For decades Westfields has been one of Parramatta’s great institutions. It has anchored Parramatta as a centre for retail and brought in visitors from across the region.
“Today’s announcement builds on that legacy, and positions Westfields to host not only one of the largest retail centres, but also one of the city’s largest commercial towers.”
Mr Grove said more premium grade office space was available in Parramatta than ever before.
“We’ve recently seen GPT’s 32 Smith Street tower come online, adding 26,000sqm in premium grade office space; and we’re looking forward to seeing new towers at 6 Hassall Street and 6 and 8 Parramatta Square opening over the coming months.
“Parramatta’s office market is strong and will remain that way for what I expect will be a very long time.
“The pipeline for Parramatta looks very promising with city-shaping projects like Parramatta Light Rail, Sydney Metro West and the Western Sydney Aerotropolis.”
Since 2020, the NSW Government has approved 19 State Significant projects in the Parramatta LGA, generating more than $7.9 billion in capital investment value and more than 5,500 jobs.
Media contact: Aidan Green | M 0491 030 028 | E [email protected]