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COVID-19: Precinct Update

Walker Corporation’s Parramatta Square wins key NSW Government tenancy

Walker Corporation has won a tender to house about 4,200 state public servants after winning a Property NSW tender to lease up to 43,800 square metres of A Grade office space in 2021.

Construction of the four tower $3.2 billion Parramatta Square precinct is well underway, with the first tower (Tower 4) expected to be completed in November 2019 and the whole project due for completion in 2022.

The NSW Government has agreed to a 12 year lease, with two further five year options, for the space in 6 Parramatta Square, which was granted development approval last year with 8 Parramatta Square.

Walker Corporation has also been successful in securing market leading financial services group Link Market Services who will be relocating their Sydney corporate offices from Rhodes to the Parramatta Square development in 2021. Link Market Services are a key tenant in Walker Corporations Collins Square precinct in Melbourne’s CBD.

The two towers combined will provide up to 125,000 square metres of space, with an end value of $1.7 billion.

There continues to be strong private and public demand for space in the precinct, with Towers 3 and 4 fully pre-committed, with lessees including National Australia Bank and the NSW Government – secured in an earlier tender.

Mr Lang Walker, chairman of Walker Corporation said “Parramatta Square is taking shape quickly and the total project is now 75 per cent pre-leased with over 170,000 square metres of high quality office space committed.

“We expect to experience a strong flow of pre-leases off the back of the two anchor tenants signing long term leases in the project, which is one of the largest urban renewal projects in the country and will see Parramatta city rival Sydney’s CBD in terms of amenity and high quality commercial space”, he added.

The 3 hectare city style precinct will transform the heart of Parramatta CBD into a vibrant, cosmopolitan, commercial and residential precinct, with people attracted to the area to work and play.

The mixed-use development will accommodate the four commercial buildings – incorporating a food and beverage precinct offering a variety of retail, cafes, restaurants and wide open spaces.

The precinct features the University of Western Sydney Campus, community facilities, a civic building, community centre, library and a 250 metre long thriving public domain in the heart of the city.

Mr Walker concluded “Parramatta has the lowest vacancy rate of any office market in Australia and is being enhanced by a range of very important infrastructure projects, including light rail, the promise of a new rapid transit metro, the new Parramatta Stadium, Powerhouse Museum and other important public spaces”.

The entire Parramatta Square is being built to a minimum 5 Green Star rating in accordance with the standards for environmentally sustainable development, set by the Green Building Council Australia.

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