This article is from the Australian Property Journal archive
DELOITTE Australia has signed up at Lang Walker’s $3.2 billion Parramatta Square precinct in western Sydney, taking up space in what will be the largest commercial building in the country.
The professional services and accounting giant has taken a 10-year lease that will begin in September 2022 at 8 Parramatta Square, covering 3,500 sqm of floorspace of the 55-storey building.
Together, 6 & 8 Parramatta Square will have 125,000 sqm of office space. The towers are expected for completion respectively in November and May and have secured major commitments from Westpac, and the New South Wales government’s Property NSW across nearly 44,000 sqm.
Deloitte is in the middle of reshaping its office footprint across the country. In the middle of last year it moved into the Olderfleet development at 477 Collins Street in Melbourne, and is move into Quay Quarter Tower on Bridge Street in the Sydney CBD in 2023.
“With changing workplace demands and increasingly flexible working arrangements that see our people working from the office, at client sites, or at home, we are focused on providing our people with truly adaptable and agile workplaces of the future,” Deloitte chief operating officer, Andrew Griffiths said.
“Parramatta is, and will continue to be, uniquely placed as a key corporate hub in Western Sydney, and is central to the commercial life of this high growth region. We have had a dedicated presence in Parramatta for many years, and this next move will firmly cement our investment in, and commitment to, Western Sydney.”
Deloitte currently has offices in the Eclipse Tower at the corner of Hassall Street and Station Street East.
The Property Council of Australia’s latest Office Market showed an increase in the Parramatta CBD office vacancy rate over the six months in July from 6.4% to 10.2%, to its highest level in 11 years. This was largely due to supply additions of 26,500 sqm. The Property Council’s Ross Grove said the coming completion of 6 and 8 Parramatta Square, along with 6 Hassall Street would continue to add to Parramatta’s premium office space.
Last year, the New South Wales government committed to overhauling planning controls for Parramatta’s CBD, hoping to create 50,000 new jobs and two million sqm of new commercial space in the process.
Deloitte’s lease announcement comes a week after Walker Corporation secured green loans from major lenders the Commonwealth Bank and ANZ for building 3 and 4 within the project, as well as Collins Square in Melbourne.
“With its smart building technologies, design principles, and best practice environmental and sustainability standards, 8 Parramatta Square will give us greater flexibility in this age of hybrid working, via innovative and adaptable spaces, integrated tenant amenities, and access to public transport, retail and public spaces,” Deloitte Western Sydney managing partner, Helen Hamilton-James said.
Deloitte Real Estate supported Deloitte with the transaction, leading all property selection and lease negotiation activities, and will also project manage the fit-out.
