Sydney developer Mackycorp has been given the green light for a $210 million A-grade office tower in Sydney's southwest.
The 23-storey tower, located on the corner of Bigge Street and Scott Street in Liverpool, is set to become Liverpool's largest commercial tower.
The 25,000sq m commercial building will sit alongside a refurbished pub, the heritage-listed Commercial Hotel, a retail laneway known as The Stables and provide 1,200sq m of civic space.
The commercial and retail precinct, known as Liverpool Quarter, is now “ready for construction” with developer Mackycorp aiming to secure a lease pre-commitment by the close of the year.
The project, led by Mackycorp managing director Michael Hercus, is set to cater to the growing commercial demands of the area, particularly with the Western Sydney Airport approval, while the location also provides excellent connectivity to the Sydney CBD via the adjacent Liverpool train station.
The developer originally sounded out Liverpool, poised to be Sydney's future third CBD and commercial centre, for its existing health infrastructure, rail infrastructure, city grid system and population growth.
“This is a major milestone for the city as it races to meet the demands of the rapidly expanding south west,” Hercus told The Urban Developer.
“Given its prominent location adjacent the train station this development plays a major role in shaping the evolution of Australia’s fourth oldest town.”
Liverpool in Sydney’s west, currently home to 210,000 people, Liverpool City Council, has been dubbed Sydney’s third city for its booming population – which is set to increase to 331,000 by 2036.
The Western Sydney Airport and the Aerotropolis, due for completion in the next seven years, have bolstered development opportunities after Liverpool was identified as key area of strategic growth by the Greater Sydney Commission in its 40-year vision for Sydney.
Mackycorp has commenced its leasing program and is looking to close out a strong pre-commitment for its office tower in the next few months.
“Leasing is under way and construction will commence soon after the major pre commitment is confirmed,” Hercus said.
Due to strong demand and limited new supply, Parramatta's A-grade vacancy reached a record low of 0.8 per cent at the start of the year.
Mackycorp has banked on engineers, architects, designers, builders and other construction-related businesses to eye accommodation close to Western Sydney Airport given the level of investment involved to deliver the circa $5.3 billion project.
Fender Katsalidis director Mark Curzon said the precinct would act as a regional marker welcoming arrivals into Sydney's third city whilst creating an exciting new civic precinct celebrating its heritage.
Located directly opposite the Liverpool train station and bus interchange, the precinct will provide connectivity to the Sydney CBD.
Construction of the building is expected to commence in late 2019 and completion is expected late 2021.
Elsewhere, Mackycorp is currently in pre-leasing discussions and planning for an industrial estate accommodating warehouses ranging from 15,000sq m to 45,000sq m in Western Sydney.