This article is from the Australian Property Journal archive
WESTPAC has leased 10,000 sqm within Walker’s Parramatta Square, joining the New South Wales Government and Link Market Services in the $3.2 billion development.
The bank will move 1,000 staff to project, with more than 70% of the 125,000 sqm of premium office space at 6 & 8 Parramatta Square leased, and Walker Corporation chief operating officer, David Gallant said the group “is in advanced discussions with a range of other blue-chip tenants.
The first stage of the project will see the 40 storey 4 Parramatta Square officially open next month, where Property NSW has signed up for 65,000 sqm and the first workers have already set up desks. 3 Parramatta Square will open shortly after.
Construction of the inter-connected 55 storey 6 & 8 Parramatta Square tower is well underway, and the development encompasses 3.5 hectares of land. Property NSW has also leased 43,800 sqm of office space in 6 Parramatta Square, which will house around 4,200 state public servants.
Providing some of the largest commercial floor plates in the country, 6 Parramatta Square provides floorplates over 3,000 sqm, and 8 Parramatta Square some of the largest floor plates for its height, of up to 2,300 sqm. The latter was initially drawn up as the hotel and residential Aspire Tower, but Walker shifted repositioned its plans as the Parramatta office strengthened on the back of tight conditions in the CBD.
The precinct is linked to Parramatta railway station and the planned light rail and metro stations are within 100 metres.
According to the Property Council of Australia’s latest office market data, almost a quarter of the new supply for non-CBD markets over 2020 will be delivered in Parramatta, while setting a record for tenant absorption in the market.
Net demand of 47,201 sqm over the past six months in Parramatta was more than eight times the historic six-month average, and the city maintained a sharp vacancy of 3.2%.
The Property Council said major tenant relocations to Parramatta office vacancy played a role in Sydney’s CBD vacancy increasing slightly during the period.
The next step in the establishment of Parramatta Square is the soon-to-be-opened dining precinct, which will include Ruse Bar & Brasserie from the team behind Sydney’s District Brasserie opening Ruse Bar & Brasserie. Betty’s Burgers, Harvey’s Hot Sandwiches, Fishbowl and Threefold Pastry will all open in the coming weeks.
