Aspire Tower set to become a commercial skyscraper
16 October 2017
Walker Corporation has submitted a proposal for a change of use on 8 Parramatta Square from residential to commercial, driven by an increased number of tenants looking to secure A-Grade commercial office space in the undersupplied metropolitan Sydney office market.
According to the latest Office Market Report published by
Property
Council Australia, A-Grade commercial vacancy in
Parramatta is presently
at 0%, with a growing demand for commercial space continuing to push
down vacancy rates to a record low, resulting in many tenants having to
settle for B and C Grade office space.
Lang Walker AO, Executive Chairman, at Walker, said, “We have continued
to receive strong interest for commercial office space at Parramatta
Square and the recent Property Council Office Market Report is a clear
indication of the growing need for more premium space in Parramatta CBD
to meet this existing demand.”
The development would provide large, campus-style floor plates of
between 2,500 and 3,000 square metres, a rare offering in the broader
Sydney market and unavailable anywhere else in the Parramatta CBD.
“We commend the council for its forward thinking in terms of the
sensible development of this important city
precinct and believe that
Parramatta Square will be the centrepiece for Sydney’s second CBD over
the next five years,” Mr Walker said.
An economic study commissioned by Council found the additional
commercial space would create an extra 10,000
jobs, resulting in an
estimated $31.6 million in retail expenditure in the Parramatta CBD –
$19.2 million more every year than would be generated by residents and
workers under the current residential scheme for 8 Parramatta Square.
The report said the extra $19.2 million could also result in a
substantial number of additional retail jobs.
The $2.4 billion
Parramatta Square urban renewal precinct has already
seen significant interest from the financial, insurance, telco and
accounting sectors and Council sees an opportunity to further cement
Parramatta’s status as Sydney’s Central City by filling an obvious
demand for high-quality commercial spaces in the CBD.
Tenants on Parramatta Square already include
PWC and
Western Sydney
University in a state-of-the-art vertical campus, and
Sydney Water in
the striking 2 Parramatta Square Tower on the Eastern corner of the
Square. National Australia Bank, the NSW Department of Planning and
Environment, the NSW Office of Environment and Heritage, the Environment
Protection Authority and NSW Department of Finance, Services and
Innovation have also committed to leasing 3 and 4 Parramatta Square.
--ENDS--
Source: Walker Corporation - www.walkercorp.com.au
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