Twin towers given green light in CBD development
TWO large commercial towers have been given council approval in Parramatta. It is the beginning of the Walker Corporation’s plans to develop five buildings in the Parramatta Square precinct.
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PARRAMATTA Square is taking shape, with the first plans for commercial towers revealed this week, set to raise the standard of office space in the CBD.
Billionaire Lang Walker has won approval for two commercial office towers to sit above three podium levels of retail space and among 8,000 sq m of public domain.
It is the beginning of the Walker Corporations plans to develop five buildings in the Parramatta Square precinct, one of the largest urban renewal projects in Australia.
Public space will abound under the proposal, with the formulation of a new retail area with 110,000 sq m and 6,000 sq m lettable space in Tower 4 and Tower 6 respectively.
The development will feature a direct connection for pedestrians from the CBD to the train station, as well as a range of cafes, restaurants and bars to activate Parramatta Square seven days a week.
“Parramatta Square will be the new heart of western Sydney. There’s a vibrant, growing population of young, highly educated individuals in Parramatta driving this change,” Walker Corporation chairman Lang Walker said.
He is confident the premium office space will be a drawcard for the public and blue chip tenants, with reports of discussions to bring National Australia Bank’s back office to their 16-storey tower.
“With vacancy rates at a record low of 1 per cent, we are very confident of attracting both
large and small tenants to the towers and we are in advanced discussions with a range of
major companies”, he added.
Archaeological works are now underway and excavation expected in early 2017 with the first tower to be completed in mid-2019 and the second available for occupants in 2020.
The tower approvals come as developers for an adjacent site lodge a review for their proposal to the north of the square due to overshadowing.
Plans at 48 Macquarie St were rejected by the Joint Regional Planning Panel last month despite previous council approval late last year on the grounds that the buildings blocked sunlight between midday and 2pm.
Chief executive of Urban Growth Chris Johnson says the decision is concerning for future development opportunities.
“There will still be towers on the edge but I think it is going to change the image of the city,” he said.
“We will end up with shorter, fatter building and maybe not as much renewal as expected.
“There’s been a change in the physical form of the city and there needs to be a change in the governance approach.”
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