July
22
First Parramatta Square project gets approval

Mark Stante 22 July 2013

The first stage of Parramatta Square, at 169 Macquarie Street, has been given the green light after the Joint Regional Planning Panel (JRPP) granted approval for the project’s Development Application.

Leighton Properties won the development rights for the site in July 2013. The Lord Mayor of Parramatta, Cr John Chedid, said now that the project has been approved by the JRPP, the independent regional planning authority, construction could commence with the project targeting completion by late 2015.

“What an exciting time to be leading Parramatta. Approval of Stage One marks the birth of Parramatta Square and the realisation of a vision Council set out to achieve almost a decade ago,” Cr Chedid said.

“Parramatta Square is a $1.6 to $2 billion development, on three hectares of prime real estate at the centre of our rapidly expanding CBD."

“This development will provide the foundation for growth in this City and create a future city based on good urban design that is sustainable, has vast, vibrant, beautiful public spaces and an effective integrated public transport system. Once completed, Parramatta Square in its entirety will accommodate up to 13,000 workers."

“Stage One will offer 14 storeys and 25,000 square metres of office space that can accommodate about 2,000 workers,” Cr Chedid said.

Mark Gray, Managing Director of Leighton Properties, said “We are very pleased that this has been approved. It will be our fourth commercial building in Parramatta and on completion we believe it will set new benchmarks for the Parramatta CBD in terms of its architecture and sustainability initiatives."

“We are currently in the process of pre-leasing the office space and are experiencing very strong interest due to the building's high profile location, proximity to Parramatta Rail Interchange and its large floor plates. The design features a side core and central atrium which delivers on the key elements that businesses are now seeking in modern workplaces: efficiency, flexibility, connectivity and abundant natural light.”

“We have always had a strong belief in the evolution of the Parramatta CBD as both a desirable and growing commercial location. We see an ongoing need for quality, sustainable, A-grade office space for companies who are strategically choosing to base their operations in locations which are closer to their staff and provide more convenient transport options. The approval to progress this development is timely for these tenants given Parramatta’s already low vacancy and the current forecast that A-grade vacancy will reduce further to be at historically low levels” said Mr Gray.

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