Australia Back to Real Estate News Homepage to RSS for this country

AU Property News

AU Parramatta's CBD to get $1.6b overhaul as city aims to be first 'green' city in Sydney

Property Here - Wednesday, July 03, 2013

Share to:

Parramatta goes green

Concept plan for a 21-level office tower including a 7-storey Skygarden half way up the building from local architect firm Zhinar Architects from Parramatta CBD in Sydney. Source: Supplied

Parramatta Square

The new artist impression of Parramatta Square. This view is along Church St. Source: Supplied

PARRAMATTA is to get a $1.6 billion makeover after two major developers signed on to help create "the river city of the future".

Not long after the GFC reportedly ruined any chance of a much-needed overhaul, Leighton Holdings has thrown its might behind the first of six new high-rises to frame the Church St Mall - a 14-storey office block with room for 2000 workers - to be built by 2015.

Parramatta Lord Mayor John Chedid has opened a design competition for three more buildings to frame the mall as well as a new tree-lined public domain.

With "incredible demand" from major companies to move west, Parramatta City Council has spearheaded a new $1.6 billion Parramatta Square project, described as the biggest urban renewal after Barangaroo, with room for 13,000 workers.

Parramatta Stadium given $20m funding boost

The plans include Aspire Tower, stage two of the huge project, rising 90 storeys above the city, which includes 700 apartments, a 150-room hotel, a sky deck, bars, a retail podium, community facilities and a library.

"It's not enough to meet current demand. We could have sold it four times over," council CEO Rob Lang said of the tower.

"Parramatta is seeing the biggest growth in its history, people are coming en masse."

Parramatta CBD as it currently is.

Parramatta CBD as it currently is. Source: News Limited

Mr Lang said Sydney's future relied on building jobs in the west.

"The western Sydney jobs deficit will run from 200,000 to 300,000 in 20 years, that is another 100,000 people commuting to the city every day," he said.

"Parramatta CBD should grow by 50,000 jobs by 2036. We should have a focus on jobs where we live. There is no shortage of that demand. Parramatta Square is one of the biggest urban renewal sites of its time."

A development application for stage three will be lodged later this month and will include a 15-level, A-grade office space and a separate podium with a new civic building and community centre, with construction to start early next year.

New heritage hurdles in Parramatta

Two more office towers and a mixed retail and commercial building - stages four, five and six - are now open for a design competition.

Leighton Properties managing director Mark Gray said Parramatta had lacked the right buildings to meet demand.

"We want to be part of that, it's a great place to be. Parramatta is a city," he said.

"To attract tenants you need lifestyle choice, people do not want to commute long distances.

Parramatta Square

Parramatta Square

The new artist impression of Parramatta Square. Source: Supplied

"Lifestyle, amenity, recreation, education and the working environment - Parramatta has all those ingredients. If Sydney is going to grow, we have to make Parramatta work."

A spokesman for Alfasi Property Developments said integrating the public domain with the stage-three tower would create "stimulating work environments and a sense of place to inspire".

Mr Chedid said: "We will be developing Parramatta as a key Sydney business centre. We need more urban residential development for a new breed of Sydney clientele.

"Our city is emerging and Parramatta Square is a result of that vision."

Read more: