DEXUS Property Group has been given the green light for construction of a multimillion-dollar development at 105 Phillip Street, Parramatta, to add to the area's $6 billion-plus of new building projects.
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An array of developers is involved in transforming the Parramatta central business district, which includes the $2 billon Parramatta Square urban renewal project, and the planned office and apartment developments across the central business district.
The Sydney West Joint Regional Planning Panel provided development approval for DEXUS' 25,000-square-metre A-grade office development, which will be home to 1800 Department of Education employees from March 2018, following the department's move from the Sydney CBD.
DEXUS has six current projects over 309,000 sq m, with a combined cost of $295 million, which includes 105 Phillip Street.
The 105 Phillip Street property has been designed in collaboration with the Department of Education to provide a "contemporary, functional, flexible and efficient workspace".
DEXUS Group general manager, development, Paul Oates said the development strongly supports Parramatta's growth as a place to invest and to do business, while delivering a world-class, fit-for-purpose office space for Department of Education staff.
City of Parramatta administrator Amanda Chadwick said the move by the department joins a growing list of government and corporate organisations relocating to the Parramatta CBD. It is already the fifth-largest office centre, with the lowest vacancy rate of A-grade commercial floor space in Australia at just 1.7 per cent.
"We expect quality tenants to continue to relocate to Parramatta, attracted by the city's dynamic workforce, interconnected transport options and vibrant lifestyle offerings."
The development is due for completion in March 2018, aligning with the NSW government's lease and will target 5 Star Green Star Design.
Charter Hall is also a large developer with its $220.5 million 1PSQ, the first project to begin construction as part of Parramatta City Council's Parramatta Square vision.
The facility will be the new CBD campus of Western Sydney University and includes 14 levels of A-grade commercial space over 26,500 sq m.
Meanwhile, the last remaining development opportunity within the $13 billion Green Square town centre has been released.
Comprising 9693 sq m at 811 Elizabeth Street, Zetland, the site is diagonally opposite the aquatic leisure centre and is being marketed by Knight Frank's Eugene Evgenikos, Tim Holtsbaum, Dominic Ong and Adam Bodon.
Mr Evgenikos said they are anticipating interest from offshore and local developers. The Green Square Town Centre development area is 278 hectares, and will eventually be home to 30,500 new dwellings.
