If you're seeking a location to invest in commercial or industrial real estate or to expand your business ventures, the Parramatta CBD is rapidly gaining prominence and shedding its tag as Sydney's second cousin.
According to Duarte Figueira, Director at Raine & Horne Commercial Parramatta, western Sydney is in the middle of a significant transformative decade, thanks to many infrastructure developments set to redefine the Parramatta CBD.
One of the most anticipated projects is the Parramatta Light Rail, a game-changer set to connect Westmead to Carlingford via the Parramatta CBD. Spanning 12 kilometres with a two-way track, this $2.875 billion project is slated for completion in May 2024.
Adding to the city’s connectivity is a strategically located underground metro station north of the existing Parramatta Station that will shave the commute to Sydney’s CBD to 20 minutes. This new station costing $6.4 billion[i] over 4 years is situated within the commercial core of the Parramatta CBD. It provides a second rail option, easing the burden on the existing station and enhancing accessibility for commuters. Duarte sees these infrastructure developments as a boon for Parramatta, especially given the city’s status as a service-oriented hub housing major banks, cyber security firms, government departments, and educational institutions such as Western Sydney University and New England University.
With this significant infrastructure in the pipeline, the question arises: will Parramatta attract more corporate head offices? Parramatta Square, home to Australia’s largest commercial office tower at 6 and 8 Parramatta Square, offers a glimpse into the city’s potential, says Christian Cirillo, Director, Raine & Horne Commercial Parramatta. This 50-storey behemoth at 6 and 8 Parramatta Square, providing 124,000 square metres of commercial floor space, has already secured long-term leases from two NSW government departments and brings 4,200 workers to the Parramatta CBD.
Christian suggests that this trend of big organisations shifting operations to Parramatta will continue. “Major organisations such as the Australian Tax Office and Link Communications have already invested significantly in Parramatta.” Link Communications, for instance, has secured 4,000 square metres for around 400 people, while the Australian Tax Office is set to occupy a substantial 40,000 square metres at Parramatta Square. National Australia Bank is also establishing a significant presence, highlighting the potential for more head offices to set up shop in Parramatta.
Christian adds, “The skyline of Parramatta is undergoing a transformation with quality residential towers by major developers such as Meriton and upcoming projects such as a new Hilton Hotel, as well as the Intercontinental.
“These, coupled with private hospitals, other hotels, and the soaring apartment towers, are set to reshape Parramatta’s landscape significantly.”
The demographic diversity in Parramatta is another noteworthy factor attracting investor and business notice, with people from various backgrounds contributing to the city’s dynamic population growth. “Parramatta’s multicultural fabric is a strength that businesses will embrace,” said Christian.
Parramatta has transformed into a vibrant hub for entertainment and sports, featuring long-standing attractions like the NRL powerhouse, the Eels, and the A-League's Western Sydney Wanderers, both calling the impressive CommBank Stadium home, according to Duarte. “The city’s infrastructure also includes a multi-million-dollar international-grade pool, further enhancing its appeal.”
The vision for Parramatta’s future is one of growth, connectivity, and opportunity. As Christian Cirillo highlights, Parramatta is not just a place; it’s an investment in the future.
Duarte concludes, “We’ve doubled our business in size at Raine & Horne Commercial Parramatta over the last three years, and this tells me that the CBD is on the cusp of something great—a decade of transformation and unprecedented opportunities that will create plenty of opportunities within the city’s commercial and industrial real estate markets.”
For all your commercial and industrial property sales and leasing needs, contact Raine & Horne Commercial Parramatta at 02 9635 4788.