Feb
29
Eclipse Tower Topping Out

Richard Bradley 29 Feb 2012

 Eclipse Tower in Parramatta, the latest commercial development project by joint venture partners Leighton Properties and Grosvenor Fund Management Australia, has today (29 February 2012) celebrated a major milestone, with construction reaching its highest point, known as ‘topping out.’

At a height of 88 metres, the 19-storey, $170M Eclipse Tower, which is being constructed by John Holland, is understood to be the tallest commercial building in the Parramatta CBD.

The project is already 80 per cent leased, having secured pre-commitments from Deloitte, QBE Insurance and Landcom.  It’s currently the only A-grade commercial building under construction in Parramatta and as such is experiencing strong interest from the market for its remaining space.

Members of the development team marked the milestone with a tree-planting ceremony, a long-standing construction industry tradition dating back to a time when all buildings were made of timber. Considered a symbol of growth and good luck, a tree is placed on the roof to signal to the city that the builders had reached the top.

Speaking at the event was the New South Wales Premier and Minister for Western Sydney, The Hon. Barry O’Farrell MP, Lord Mayor of Parramatta, Councillor Lorraine Wearne and CEO of Leighton Holdings, Hamish Tyrwhitt.

Due for completion in August 2012, the building, which is registered for a Green Star Office Design v2 rating and is targeting a 5 Star Green Star rating and a 5 star NABERS energy rating, has been welcomed by the Premier.

"Parramatta is the geographic heart of Sydney. Its wonderful people will have the opportunity to work where they live. The development has provided hundreds of jobs and long may it continue to do so into the future," said the Premier.

Mark Gray, Managing Director Leighton Properties said Eclipse Tower has already provided much-needed commercial space to a CBD market sitting at only two per cent vacancy.

“The success of this project is testament to not only the rapidly evolving economy of Parramatta but also the strong delivery capability and financial strength of the joint venture partners Leighton Properties and Grosvenor Fund Management Australia.

“We have a strong commitment to the commercial evolution of the Parramatta CBD, and thanks to the building’s proximity to key transport links, entertainment and recreation hubs, it will also provide an enhanced work and life balance for workers.

“The Eclipse Tower is our third commercial building in Parramatta and at completion will set new benchmarks for this CBD in terms of delivering a striking architectural design and strong sustainability initiatives,” said Mr Gray.

Anthony Lombardo, Head of Office Development at Grosvenor Fund Management Australia, said Eclipse Tower’s prime location, elegant design and strong sustainability features proved to be key factors for tenants in differentiating the project from its competition.

“Office rental rates in Parramatta are approximately half of the price of comparable quality stock in the Sydney CBD.  However, for many companies it’s no longer just about finding a competitive rental deal and cutting occupancy costs by relocating or growing their operations in Parramatta.

“It’s also about having a genuine strategic need to be located in close proximity to Western Sydney in order to capitalise on emerging growth opportunities in this exciting and dynamic region,” said Mr Lombardo.

*Pictured above left to right: Rob Monaci, General Manager NSW and ACT Region, John Holland; Anthony Lombardo, Head of Office Development, Grosvenor; Mark Gray, Managing Director, Leighton Properties; Lord Mayor of Parramatta, Councillor Lorraine Wearne; The Hon Barry O'Farrell MP - NSW Premier; Dr Geoff Lee, MP - Member for Parramatta.

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