NAB moves 3000 bankers into Parramatta Square

NAB is set to move thousands of workers into 3 Parramatta Square in first blue chip move to the precinct

Parramatta Square will be- NAB's new home.

RIVERS of gold are set to flow into Parramatta City Council coffers following National Australia Bank’s agreement to take over the entire new 40,000 square metre 3 Parramatta Square building in a move that sees thousands of bank employees moving in by 2020.

The council — and by extension, ratepayers — look set to pull in millions of dollars a year from the new tenants as a council blueprint to go into business with developers Walker Corporation goes to the minister of local government for approval.

The new company — Parramatta Investment and Development Corporation (PIDC) — would be 50 per cent owned by council and 50 per cent by Walker Corp, funnelling rent from the new building into council coffers through an investment trust.

If the minister blocks setting up PIDC the council will receive cash from Walker Corp for the sale of the land 3 Parramatta Square sits on.

NAB set to move thousands of bankers into 3 Parramatta Square

Council owns all the land on the $2 billion Parramatta Square development and the plan is for Walker Corp to progressively pay the council for that land over the next five years of development, realising many millions of dollars in cash.

The NAB move, which should see around 3000 employees move to the new Parramatta office, comes on the heels of the loss of around 7000 jobs as Commonwealth Bank pull out of the CBD and move to Redfern.

Parramatta City Council administrator Amanda Chadwick said setting up PIDC would provide a future revenue stream for the council and she added advice from industry experts was there was a low risk involved in taking the business route. She said the moves recognised council’s overall investment in Parramatta Square as the centre of the revitalised city.

Parramatta Square - NAB's new home in four years time.

The council will also be in the Square by 2020, making its home in Tower 5 with a river of gold flowing into council coffers as the land the square sits on — currently owned by the council — is progressively sold to Walker Corp who are developing the whole precinct in the $2 billion dollar development over the next five years.

Development approval for towers 4 and 6 Parramatta Square has just been agreed and given the NAB move, Walker expects to have the entire Square precinct completed and leased out by the time bank staff move into their new building in four years’ time.

Sydney Business Chamber Western Sydney director David Borger said he was so pleased by the news he was going to immediately change his bank account to NAB.

“This is great news. I think it’s a real show of confidence in the city. It’s the private sector looking to back Parramatta. NAB coming here will help financial services across Parramatta and business and professional services too.

Parramatta Square - to be completed in five years and home to blue chip companies

If I was NAB I think they could pick up a lot of customers in western Sydney because of this move.”

Mr Borger also said it was “a great thing” to have the council looking at additional revenue streams through entities like PIDC.

“Councils need revenue and this could be really good because we need swimming pools and we need theatres and Riverside Theatre could do with an upgrade, for example. There are so many things that could be done with the money for the good of the community.”

Leading real estate company Knight Frank’s managing director Sydney West David Morris said the NAB move showed great confidence in Parramatta.

“We feel that The NAB’s commitment to Parramatta is likely to underpin the confidence of future expansion by other large corporations and institutions, and should filter through to both commercial and retail markets across Parramatta ensuring steady growth in years to come,” he said.