Parramatta: Commonwealth Bank office to open at Macquarie St
Commonwealth Bank’s withdrawal from western Sydney five years ago was met with outrage but the bank is now reinvesting in Parramatta, with a swanky 13-storey development being planned. And it’s not the only big-name set to be based in the booming CBD.
Parramatta
Don't miss out on the headlines from Parramatta . Followed categories will be added to My News.
Commonwealth Bank’s withdrawal from Parramatta five years ago was met with outrage but the bank is now investing in the booming CBD with 140 employees to move into a $100 million administration office in the CBD.
Developer Holdmark is building a 13-storey tower at 85 Macquarie St where 10,000sq m of floor space, a four-deck basement carpark, six ground-level shops, 11 offices levels and a rooftop terrace to be completed by next September.
Holdmark corporate affairs consultant Maria Scott said the Turner-designed project would connect to 5 Parramatta Square, which will house a library and community spaces next to the existing town hall.
“Given the location of the site, Holdmark sees this boutique commercial development as a building that will attract local business to high-quality office accommodation,’’ Mrs Scott said.
A Commonwealth Bank spokeswoman said Parramatta’s fast-growing CBD made it the perfect location for its new tenancy.
“Growing our business banking presence in Parramatta is part of our continued commitment to support the growth of western Sydney and the businesses based there,’’ she said.
Work on the rapidly-moving project started last month when the development application was approved. It hopes to be completed in 12 months.
The bank announced in November 2015 that it would pull out of Parramatta where its head office at George St housed 1000 employees.
The bank is also relocating its head office to Australian Technology Park near Redfern this year.
The Commonwealth Bank workforce in Macquarie St, Parramatta, will only be one tenth of what it used to be but Western Sydney Business Chamber executive director David Borger said it would create a banking sector in the CBD.
It will join the recently-opened NAB headquarters at 3 Parramatta Square, and Westpac which will occupy up to 20,000sq m of 8 Parramatta Square — Australia’s biggest commercial building — in 18 months.
He said the Arab Bank was considering opening in the precinct.
“The finance sector is one of the growth industries and finance jobs tend to be well renumerated,’’ Mr Borger said.
“It (the Commonwealth Bank) was always a good place for people to work because it was well located for public transport.”