GPT obtains development consent for 32 Smith Street Parramatta
19 March 2018
GPT Group: The
GPT Group announced today that it has gained development consent from
the
City of Parramatta Council to construct a 26,000 square metre office
tower at
32 Smith Street Parramatta.
Designed by internationally renowned architecture firm
Fender
Katsalidis, 32 Smith Street will feature a ground level ‘urban room’
event space and an elevated podium terrace facing the Parramatta River
with panoramic views.
GPT’s Head of Office and Logistics Matthew Faddy said: “This project
will create a major iconic landmark and add energy to the transformation
of
Parramatta into a world-class commercial and cultural centre.”
“There has been a strong level of enquiry from blue-chip occupiers and
we believe that today’s announcement will create even further momentum,”
he said.
Principal at Fender Katsalidis, Mark Curzon said: “This is a fantastic
moment. Having won the design competition and obtaining Development
Approval, 32 Smith Street now becomes a reality. It represents an
important change in the commercial market, realising Parramatta’s
aspirations to be a true alternative to the
Sydney CBD.”
The design of 32 Smith Street includes widened footpaths, glass lift
shafts and facades, which will improve the visual and pedestrian
connection to the nearby Parramatta River and surrounding streets. The
car park will be located above ground on Levels 3 to 5, to maximise the
ground level activation of the
building.
The development is a short walk to the Parramatta Transport Interchange
and planned $1.2 billion Riverbank cultural
precinct which will house
the new Museum of Applied Arts and Science.
Discussions are well underway with a number of prospective
pre-commitment tenants via exclusive leasing agents JLL.
Mr Faddy said the significant infrastructure investment and strong
population growth in Western Sydney and improved amenity in the local
area had fuelled the strong demand for office space in Parramatta.
“All of these factors will reinforce the Parramatta CBD as the
geographic heart of commercial activity in Sydney and make it an even
more compelling location for major corporate tenants,” said Mr Faddy.
The
Property Council of Australia’s most recent Office Market Report
showed Parramatta continued to be one of the country’s best performing
office markets.
For the six months to January 2018, the Property Council report showed
the vacancy rate for office space in Parramatta fell from 4.3 per cent
to 3 per cent, while A Grade office space continued to have a vacancy
rate of zero. This compares to the overall vacancy rate of 4.6 per cent
in the Sydney CBD at the end of the period.
Construction on 32 Smith Street is planned to commence this year with
works due for completion in mid-2020.
--ENDS--
Source: GPT Group - www.gpt.com.au
Contact: N/A
External Links: N/A
Recent news by: GPT Group