Parramatta: 32 Smith Street reaches construction milestone
Developer GPT Group has revealed that more than half of its $320 million western Sydney project has been leased out four months shy of its opening.
Parramatta
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Developer GPT Group has revealed that more than half of its $320 million Parramatta project, 32 Smith Street, has been leased out four months shy of its opening in January.
The 25-storey tower’s major tenant, QBE Insurance, will occupy 51 per cent of the building, while Coleman Greig Lawyers will also make the move from around the corner at George St.
On Wednesday, a topping out ceremony of the 26,500sq m site marked the last storey’s completion.
GTP’s head of office and logistics Matthew Faddy said 64 per cent of the tower had already been leased.
“We’ve achieved a big milestone getting to the point we’re at,’’ he said.
“It will be a premium building with the quality of the design. Architecturally we believe it’s a very unique building.’’
Mr Faddy said the project, which is on the former Salvation Army church and office site, had piqued the interest from local firms and those east of Parramatta.
“We are starting to see interest from potential occupiers who may have been in the Sydney CBD but they want offices close to where their teams are,’’ he said.
“We are still seeing people are attracted to Parramatta’s investment story — the light rail, Bankwest Stadium and Metro West. People are attracted to that, it’s a genuine driver.’’
Mr Faddy said project, which employed 1500 Richard Crookes Constructions workers, had forged ahead during the coronavirus pandemic and would have capacity for 2200 employees.
Despite the trend to work from home during lockdown, he is confident employees will flock back to offices.
“There’s no doubt technology has allowed people to work from home but the ability to get together, collaborate, meet clients and grow clients is more challenging,’’ Mr Faddy said.
“We expect offices to continue grow commerce.’’
The promising occupancy levels at 32 Smith Street reflect strong growth in the Parramatta CBD, which, at 4.5 per cent, has the lowest office vacancy rates in NSW.
By the end of the year, Parramatta will have an extra 43,763sq m of office space and 65,122sq m is due for completion next year.
The $3.2 billion Parramatta Square is fuelling much of the city’s building boom, which is expected to draw over 10,000 new workers to the CBD over the next five years.
