The Parramatta Square precinct is firmly positioning itself as Sydney’s second CBD, attracting more than a third of ASX 500 companies to establish a presence in what has become a significant hub for Greater Western Sydney.
“It’s not the same city it was 10 years ago,” says Stephen McAuley, a lawyer who works in Parramatta.
The influx of investment and development is now showing up in the legal disputes he works on.
“Much more significant business transactions [and] disputes have been determined out here in the west. There’s a lot more wealth out here now than there was perhaps 10 years ago.”
Comprising six buildings, Parramatta Square was a major project for the late billionaire property developer Lang Walker.
He envisioned a public square modelled on European plazas like those in Barcelona and Paris, says David Gallant, managing director and chief executive of Walker Corporation.
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City of Parramatta chief executive, Gail Connolly.
“Lang saw Parramatta as a future global city, a place where people work, dine, relax, study and connect all in the one precinct.”
Last year, the square welcomed more than 7.6 million visitors. City of Parramatta chief executive Gail Connolly says it has “completely transformed our city’s skyline”.
“Parramatta is becoming Australia’s next global city, so bringing a mix of commercial tenants and job opportunities is critical as we enter this next phase of our transformation, with more city-shaping infrastructure and investment on the way.”
KPMG’s original Parramatta office had “probably 10 to 15 people” when it opened in 2015, says partner Kaylene Hubbard.
Now, there are more than 400 working for KPMG at 3 Parramatta Square. Proximity to public transport, cafes, restaurants and retail has helped attract talent.
KPMG’s Kaylene Hubbard.
“It’s not just about pumping out a few office buildings, it’s really about placemaking. When you want your younger teams collaborating in an office, it needs to be in a place where there’s stuff happening. There’s a great vibe down in Parramatta Square — there seems to always be something going on.”
A university city
Head to Parramatta Square and it’s hard to overlook Western Sydney University, which has occupied 1 Parramatta Square since 2017 and was the first anchor tenant in the area.
“All great cities have great universities,” says Geoff Lee, a former NSW state minister and local MP, who is now a deputy vice-chancellor at Western Sydney University.
“That really changes the dynamics of a city, when you have all these young, smart people walking around.”
There are around 80,000 workers in the Parramatta CBD, Lee notes, and thousands of small businesses in the area. “Unlike places like Liverpool, Penrith and Blacktown, Parramatta is a net importer of jobs. The investment by the state government has really had an impact.”
Other universities are also getting in on the action. UNSW hosts events in a flexible innovation hub, recently running a two-day “EmpowerHer” workshop connecting year 12 girls from the region with female leaders in finance, economics and politics.
“Greater Western Sydney is home to nearly two-thirds of all NSW businesses, and Parramatta stands as a burgeoning hub of innovation and entrepreneurship within western Sydney,” says Cermen Leong, an associate dean who leads the UNSW business school’s western Sydney strategy.
Growing pains linger
As the region continues to see an influx in investment and people, it is also experiencing growing pains. The legal system in particular is being stretched, says lawyer Stephen McAuley. He’s calling for more courtrooms and judicial officers in Parramatta.
Existing legal resources in Sydney are mostly centred on the CBD, which was fine in the past when the city was geared around the coast, he says. But the lack of resources is having flow-on effects on people’s lives, which are put on hold for lengthy periods while waiting for criminal or domestic violence matters to be resolved.
“With the new airport and growth of western Sydney, time has moved on … it’s a pity that litigants have to come to the Sydney CBD, rather than having their cases heard in Parramatta, where it’s more geographically central.”
Parramatta is now Sydney’s geographic centre, with the wider region expected to create 173,000 jobs over the next five years, according to KPMG analysis.
An ongoing process of transformation
That Parramatta is now Sydney’s geographic centre speaks to the growth that Greater Western Sydney has experienced. The broader region can expect to create 173,000 jobs over the next five years, according to KPMG analysis. “It’s a growing, educated population,” says KPMG’s Kaylene Hubbard. “The participation rate is strong, and has gotten stronger over time.”
There is slightly lower job creation in lower than northern parts of Greater Western Sydney, but Hubbard says that’s “not necessarily a bad story to tell. It’s the next boom area – that’s certainly what we’re seeing in terms of client and business activity.”
As for Parramatta itself, the transformation isn’t over. The local council’s Parramatta 2050 vision identifies five key districts along the Parramatta River and future stations on the metro line, connecting Westmead to Sydney Olympic Park.
It has identified the Parramatta CBD as the “headquarters district”, serving as the region’s business heart and a home of nightlife, arts, shopping, live music, food and festivals.
The $1.4 billion Powerhouse Parramatta will be a centrepiece in the city’s cultural boom.
Next year’s opening of the $1.4 billion Powerhouse Parramatta, the Civic Link public space and plans to redevelop the Riverside Theatre mean the city is also set for a major culture boost.
“With the new international airport soon to open, Parramatta is perfectly positioned to bring tourists, business travellers and investors directly into our thriving city,” Connolly says, “with a booming nighttime and visitor economy, world-class dining, retail and entertainment experiences.”
