Developer Lang Walker, Parramatta City Council and Property NSW, have broken ground on his $2.4 billion Parramatta Square site, providing four office towers, retail and cafes, that will rival Barangaroo at Sydney’s Darling Harbour.
It is the fastest-growing CBD in metropolitan Sydney and the office vacancy level for premium sites is zero. The Parramatta Council is also undertaking a $6 billion transformation of the civic square.
Once completed there will be close to 24,000 workers across the precinct, with the main new commercial building at 40 storeys high with views across the Parramatta CBD and back to the Sydney CBD.
On completion, the centrepiece Tower 4 will be tallest commercial building outside Sydney CBD and the largest in the Parramatta Square precinct, pending approval of towers 6 and 8.
Walker Corp joins an array of developers and investors in Parramatta including GPT Group, Dexus, Charter Hall and the new $876 million South Quarter development by the Dyldam group.
Approvals are in place for three of the four towers with the final approval expected early next year. The National Bank has committed to more than 40,000sq m in 3 Parramatta Square.
With the NSW Government pre-committing 62,000sq m within Tower 4, it is the first of the four towers to commence construction. National Builder Built, partnering with the international Obayashi Group, will begin work on site this month, with completion scheduled for late 2019.
The 4 Parramatta Square tower will accommodate government employees from the Department of Planning and Environment, Department of Finance, Services and Innovation and Department of Industry in the largest-ever government agency leasing commitment in Western Sydney.
Minister for Finance, Services and Property, Victor Dominello, said the long-term lease of office space will establish Parramatta as a major public sector jobs hub, providing more opportunities for those who live in the west to work closer to home.
Lang Walker, executive chairman at Walker Corporation, said he was “thrilled to have the NSW Government as anchor tenant for 4 Parramatta Square”.
“This major tenancy is the start of the movement that we are seeing with large corporations making the move from both the Sydney CBD and suburban business parks to Parramatta, as the citywide revitalisation takes shape,” Mr Walker said.
“We have received strong interest from several ASX listed companies looking to Parramatta Square as it evolves into the next generation workplace; a connected campus with industry leading commercial buildings, extensive amenities and facilities – everything employees need will be on campus or within a short walk.”
The Sydney Business Chamber, Western Sydney says the start of construction of Parramatta Square is a “significant milestone in transforming the CBD into a world-class business and leisure destination”.
David Borger, director of the Sydney Business Chamber, Western Sydney, said, the $2.4 billion development includes four major towers, which will house more than 20,000 workers by 2021 and will “completely revolutionise the Parramatta CBD”.
“The precinct will see thousands of public sector and private sector workers descend on Parramatta daily, which will have significant flow-on effects to other businesses within the CBD,” Mr Borger said.