Property buyers are setting their sights on Western Sydney, as Parramatta’s CBD undergoes an $8 billion building explosion which will dramatically reshape the city, the local economy, employment and the property market.
Within the next ten years, Parramatta’s CBD will host a skyline of towers, including the Aspire tower which will contain a modern inner-city hotel and up to 700 apartments. On top of this a $2 billion redevelopment of the heritage precinct of North Parramatta has been approved with the region named as a state significant site by NSW Premier Mike Baird.
With already 33 major projects currently in the works, Parramatta could overtake Adelaide to become the nation’s fifth -biggest CBD. If all the planned projects get off the ground, an extra 838,000sq m of commercial office space will be developed in Parramatta’s heart.
The building boom has already started, with council receiving development applications worth $1.6 billion this financial year, more than double last year.
With the boom in residential apartment buildings driving growth in Parramatta, the area has the greatest growth potential of anywhere in Australia over the next five years.
The first two initiatives of the Parramatta Square project are close to being finalised, the 90 storey¬ Aspire tower and the 41 storey Riverside Tower, which will include a major upgrade of the Parramatta River foreshore with an adjoining 1000 person conference centre.
The Heritage Precinct site will feature 6000 new apartments in high-rise buildings up to 30 storeys high. The heritage buildings will be developed as part of a cultural and arts precinct which will include galleries and cafes. Premier, Mr Baird said the project would preserve the precinct’s heritage sites while fast-tracking the delivery of thousands of new homes and up to 2000 jobs.
Parramatta Lord Mayor John Chedid said council would be working with the State Government to ensure the provision of supporting infrastructure including roads, community facilities, additional retail and upgrades to sporting precincts.
Local Council are also hoping the government will soon sign off on a $20 million feasibility study into the $1.9 billion light rail project that would link Parramatta with Macquarie Park and Castle Hill. The council also needs funds to build a $36 million ring-road around the Parramatta CBD and Westmead over the next 10 years to avoid traffic chaos.
Watch the video below from Parramatta City Council on the future of Parramatta