As demand continues to run high for industrial space in key locations, a Sydney developer has launched plans for a Parramatta warehouse development.
The site, at 86-88 Asquith Street and 123-123A Beaconsfield Street in Silverwater, will house five new warehouse units if the plans submitted to the City of Parramatta are approved.
The current buildings on the site are used for vehicle storage and would be demolished to make way for the five-building development.
Each unit would have its own mezzanine level and parking, according to plans filed by Artiva Architects on behalf of Sydney private developer Hong Zhu.
The subject site has 41.94m of frontage to Asquith Street and 15.26m to Beaconsfield Street, with a total site area of 2442 square metres.
Located in a prime area on industrial zoned land, the site is bound by Parramatta Road and the M4 Motorway to the south, Silverwater Road to the east and Duck River to the north and west.
The area is under going something of a revamp, with a number of older buildings being renovated as well as new industrial developments springing up across the precinct.
“The proposed development is consistent with the envisioned form of development in the industrial zone and will allow for the uplift of an existing site to encourage economic growth in the locality,” the developer said.
Industrial has been the “golden child” of the post-pandemic era.
In Sydney, demand has risen astronomically and, according to CBRE, gross take-up in the first quarter of 2023 has totaled only 443,261sq m, significantly below the five-year quarterly average rate because of record low vacancy.
An “acute” lack of space is a major issue in the sector, and as a result, total new supply for the full year is expected to reach a record high of 3.1 million sq m. The 2023 pipeline is 66 per cent pre-committed, according to CBRE.
