Developer Coombes Property Group in partnership with Drivas Property Group have been green-lit for the development of a 25-storey A-Grade office tower in Parramatta.
The new tower, located at 50 Macquarie Street, will comprise 1500sq m of ground floor retail and 37,000sq m of A-grade commercial office space.
The developers submitted the planning application for the $227m project, designed by Crone architects, in October last year. Completion is slated for 2022.
Coombes Property Group development general manager Pascal Bobillier described the tower’s location in Parramatta as a “strategic centre in Sydney”.
“We have created large flexible floor-plates, maximum access to natural light, bespoke end-of-trip facilities, and a commitment to high levels of environmental performance including 5.5-star NABERS energy and 5-star Greenstar.”
Cushman & Wakefield’s Tim Courtnall and George Harb are joint leasing agents in partnership with CBRE’s Stephen Panagiotopoulos and Ben Lilac.
Development activity in Parramatta continues to remain high, with more than 330,000sq m of commercial office space due to be delivered in the next three years, explains Courtnall.
“This will see Sydney’s second CBD track towards one million square metres in office space within the next three years.”
Recent transactions in the area include 33 Argyle Street snapped up by Tong Eng Group and Roxy-Pacific Holdings for $40.8 million on a 5.3 per cent yield.
Harb said they’ve seen strong interest from a range of businesses particularly among larger corporates looking to secure secondary office space in Parramatta.
“The low A-Grade vacancy has also continued to increase average net rents, increasing from $450/sq m to over $520/sq m over the past three years, which we expect to continue into 2019.”