Parramatta City Council has announced the imminent market release of the Parramatta Square project involving the major residential tower and adjacent commercial towers.
CBRE has been appointed as the deal structuring, marketing and selling agent.
Lord Mayor of Parramatta Cr John Chedid said the marketing of the stages followed the major announcement earlier this month of a key tenant for stage one.
“We have already seen University of Western Sydney select stage one as its preferred site for the University’s new flagship campus tower in the heart of Parramatta’s central business district,” Cr Chedid said.
“That decision sends a strong message that Parramatta is open for business and that Parramatta Square is an ideal location for both public and private sector organisations to be based.”
Parramatta City Council Chief Executive Officer Greg Dyer said he was delighted to see stages two, five and six being offered to the market.
“The central location of Parramatta Square and Council’s visionary approach to provide a public space in the heart of the city, incorporating residential, office, retail and leisure facilities will transform the heart of the CBD,” My Dyer said.
“This is a significant milestone for our City and for the development of Parramatta Square and this major investment opportunity will bring economic, social and environmental benefits for our region.”
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Wayne Redman, leader of the CBRE transaction team, said CBRE was delighted to have been awarded the selling agent role through a fiercely contested process.
“We are keen to support the Council in the delivery of this major and city changing Parramatta Square project,” Mr Redman said.
”Parramatta City Council’s perseverance with the critical project for the future of the City will be rewarded with strong developer and investor interest in the PS2 residential site and linked PS5&6 commercial sites. This major integrated project will capitalise on the rail and bus interchange as well as adjacent retail and community facilities.”
CBRE will work closely with the Council in marketing this major project both nationally and internationally to secure the appropriate developer with a focus on design, public domain linkages and attraction of new business and employment to Parramatta.
The integration of the major residential-hotel project with the commercial towers will energise and activate the Parramatta CBD.
“The Council has played a critical role in facilitating this major project and will benefit in terms of land value outcomes as well as broader triple-bottom-line outcomes for the City,” Mr Redman said.