Charter Hall, Lend Lease, DEXUS, Leighton Properties, and private developers Centuria, Dyldam and Walker Group are in the running to develop stages two, five and six of Parramatta Square.
Those stages of the Parramatta Square development include two 53-storey office towers and a 300-metre high Aspire apartment tower.
On completion, the public works program will bring more than 300,000 square metres of office space, 700 apartments and 150 hotel rooms to central Parramatta around an open-air pedestrian and retail plaza the size of Martin Place.
The project forms the centrepiece of a sweeping redevelopment of Parramatta’s central business district with which the Parramatta Council aims to attract nearly 30,000 more jobs to the region and reposition the area as a key rival to Sydney CBD for professional services, investment banking and other tenants.
“I want the big four banks and accounting firms to come here, and the top-tier groups including investment banks and financial groups,” Parramatta Council chief executive Greg Dyer told The Australian Financial Review.
Parramatta, 23 kilometres west of Sydney, generates a gross regional product of more than $14.8 billion annually . Its economy grows at 1.6 per cent a year compared with Sydney CBD’s 1.1 per cent. The suburb is at the heart of the Metropolitan Strategy, which aims to create an additional 10,000 jobs in five years.
Leighton Properties has already signed to develop one stage – a 14-storey tower at 169 Macquarie Street – which will become a high-rise campus for the University of Western Sydney.
Large-scale tenants in Parramatta’s CBD already include the Department of the Attorney-General of Justice, Sydney Water and branches of professional groups including HSBC and Deloitte.