The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 THE UNMISSABLE EVENT FOR PROPERTY PROFESSIONALS IN THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 UNMISSABLE FOR PROPERTY PROFESSIONALS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
20
print
Print
OfficeRenee McKeownMon 13 Dec 21

GPT Unveils $1.6bn Parramatta Office Precinct

90f2882a-54c8-46e0-92d4-2f48cb930b83

The GPT Group is planning two towers of 60 and 35 levels as part of an office precinct in Parramatta after securing four properties and amalgamating the site.

The properties at 81 George Street, 83 George Street, 1 Barrack Lane and the heritage stables at 2/85 George Street were reportedly purchased for $90 million and will form a precinct with an end value at $1.6 billion.

This adds to the group’s $75-million holdings at 87-91 George Street and the heritage-listed Perth House which it purchased last year.

This creates a continuous land holding in Parramatta around 6500sq m which was earmarked as part of its $3.5-billion development pipeline in August.

The new precinct, currently in the design competition phase, would add 125,000sq m of office space to Parramatta CBD and be built across two stages.

The plans also included a courtyard around the historic buildings and the city’s largest fig tree to create an entertainment quarter with food and beverage offerings.

▲ An artists' impression of the future GPT George Street office precinct as well as the historic buildings and Paramatta's oldest fig tree planted in the 1840s.


GPT Wholesale Office Fund fund manager Martin Ritchie said it was an exciting opportunity for the fund.

“The Parramatta CBD market is in a major transition with significant private sector investment coinciding with strong state government infrastructure investment, including the Parramatta light rail, Sydney Metro West, Western Sydney Airport, and significant urban and road upgrades,” Ritchie said.

“We see Parramatta as an attractive alternative to the Sydney CBD market for tenants, given the improved accessibility and amenity Parramatta has, and will increasingly have to offer, as the area continues to grow.”

GPT expects stage one of the development, with the taller tower, to be lodged and approved by the end of 2022 and construction to start in 2024.

The GPT Group has existing office assets in Parramatta, including the newly completed 32 Smith Street tower, and Eclipse Tower at 60 Station Street.

The George Street office precinct adds to GPT’s development pipeline which also consists of 51 Flinders Lane and 300 Lonsdale Street in Melbourne, Cockle Bay Park and the corner of George and Bathurst streets in Sydney as well as the Skygarden in Brisbane.

The group is seeking pre-commitments for its 300 Lonsdale and Cockle Bay Park projects to progress them to the next stages.

OfficeInfrastructureAustraliaParramattaPlanningPlanningDeal
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
Roseville Hycorp EDM
Exclusive

Ku-ring-gai TOD Backflip Slashes 1500 Homes from Under-Way Developments

Clare Burnett
7 Min
Exclusive

Housing Fix Sprint Begins with New Top Planner Pushing 13 Regional Plans

Phil Bartsch
8 Min
View All >
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
Sponsored

Carpet Zones Bring Clarity to Open Layouts

Partner Content
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
The Liberman-backed financier with 250 transactions to its name shares the thinking behind where it puts its money...
LATEST
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
3 Min
Interiors

Carpet Zones Bring Clarity to Open Layouts

Partner Content
4 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Labrador Midrise Whiting Street DA hero
Residential

Labrador Scheme Joins Gold Coast Midrise Surge

Phil Bartsch
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/gpt-plans-parramatta-office-precinct