Walker Corporation Breaks Ground At $2.4 Billion Parramatta Square

image1

27 November 2017

Walker Corporation, Parramatta City Council and Property NSW yesterday broke ground to commence the start of construction of the $2.4 billion Parramatta Square development – the centrepiece of the city’s transition to become Sydney’s second CBD.

Over 80 guests attended to celebrate the occasion and imminent start of construction to Parramatta Square, including The Lord of Parramatta – Andrew Wilson, The Hon. Minister Dominello MP, Dr Geoff Lee – Member of NSW Legislative Assembly, David Borger – Director of the Sydney Business Chamber and Brett Newman – CEO Property NSW.

Featuring four major towers that will total 250,000 square metres of A Grade office space, retail, restaurants, bars, cafes and open space; the towers will become the workplace for more than 23,500 people, with many more people expected to enjoy the amenities of Parramatta Square’s restaurant and bar precinct 24 hours a day, seven days a week.

Approvals are in place for three of the four towers with the final approval expected early next year.

With the NSW Government pre-committing 62,000 square metres within Tower 4, it is the first of the four towers to commence construction. National Builder Built, partnering with the international Obayashi Group will commence work on site later this month, with completion scheduled for late 2019.

4 Parramatta Square 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 4 Parramatta Square development would accommodate at least 4,000 public service roles from 2019.”

“Our 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.”

“Parramatta is booming and this is another example of the NSW Government delivering more jobs to Western Sydney,” he added.

This iconic and visually striking new commercial building will stand 40 storeys high and offer exceptional views across the Parramatta CBD and back to the Sydney CBD. On completion, Tower 4 will be tallest commercial building outside of Sydney CBD and the largest in the Parramatta Square precinct, pending approval of towers 6 and 8.

Lang Walker, Executive Chairman at Walker Corporation, said, “We are 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.

“In partnership with a very forward thinking Council, Walker is transforming Parramatta to become Sydney’s second CBD off the back of a record $10 billion worth of infrastructure investment in the area.”

“Parramatta Square has all the elements of a successful destination, pairing iconic A-Grade buildings with a first-class retail and hospitality offering. This evolving commercial centre will bolster the local economy to deliver new jobs for a growing and highly educated population of white-collar workers.”

“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.” he added.

Parramatta Square is currently Australia’s largest commercial property development expected for completion by 2021, through the use of the country’s most prestigious architectural firms and construction companies.

Early earthworks commenced to Tower 3 and 4 in June, with Mainland Civic having shifted 110,000 tonnes of earth and poured 4,000m3 out of a total 8,500m3 of basement diaphragm walls to date. Following a successful first stage, Mainland Civic were recently appointed to complete early earthworks for the remainder of the precinct, including 6 & 8 Parramatta Square, to be completed in 2018.

City of Parramatta Lord Mayor Cr Andrew Wilson said it was exciting to see Council’s long-standing vision for Parramatta Square changing the face of the City.

“This is a $2.4 billion vote of confidence by Walker Corporation in Parramatta and Western Sydney and with the support of the State Government, Parramatta Square is set to deliver a world-class CBD that will be the engine room for jobs growth in the region,” said Cr Wilson.

Now the heart of one of biggest economic and infrastructure booms in Australia, Parramatta will be a major beneficiary of the WestConnex and NorthConnex, with planning now underway for a new underground metro to the Sydney CBD.

Parramatta will become an even more attractive commercial destination for workers with the new Museum of Applied Arts and Sciences, Parramatta Light Rail, Western Sydney Stadium and the rejuvenation of the southern edge of the CBD.

The Greater Sydney Commission has predicted the area’s number of jobs will grow from 96,500 in 2016 to 156,000 over the next 20 years, while the population will rise from the current 230,000 to 407,000 people in the same timeframe.

The Commission estimates there is commercial and residential development planned or underway worth $8 billion, with Parramatta Square taking the lead in re-shaping and expanding the region.

 

--ENDS--

 

Source:  Walker Corporation - www.walkercorp.com.au

Contact:  N/A

External Links:  N/A

Recent news by:  Walker Corporation

 

 

ONLINE PROFILE