Walker Corporation will develop Stage 2 of Parramatta Square – the landmark Aspire residential tower, and Stages 5 and 6 - dual commercial towers that will provide highly sought after A-Grade office space in the heart of the Parramatta CBD.
Work on the two projects is set to commence in the coming weeks following handover of the sites. DAs for the demolition of Council’s former administration building and the Civic Place library building were approved in May to enable Council to provide the sites ‘shovel ready’ once developers had been selected.
The Aspire tower will be the tallest residential building in NSW, rising to a height of at least 68 levels, and could rival the tallest buildings in Australia pending negotiations between Walker Corporation and the Federal Civil Aviation Safety Authority for approval to exceed the existing flight path ceiling.
The building will include up to 700 apartments, a hotel and retail spaces and will be the centrepiece of the Parramatta Square development.
The dual towers of Parramatta Square Stages 5 and 6 will be state-of-the-art, sustainable buildings offering premium, adaptable office space as well as more than 3,000 square metres of high-quality retail space.
Walker Corporation will manage residential sales and leasing arrangements for the buildings, and is already in discussion with prospective commercial tenants.
The combined value of the developments is approximately $1.2 billion and they account for around 70% of Parramatta Square.
Development Applications for both projects are expected to be lodged with Council by the end of this year and construction is expected to commence in 2016.
Parramatta City Council’s administration offices and the Parramatta Library will eventually relocate into Parramatta Square once the development is complete. Tenders for Stage 3 of the project have now closed and Council is assessing a number of submissions.
Council’s presence in Parramatta Square will add to a strong portfolio of property and investments, with our assets currently valued at more than $5 billion.
Contrary to suggestions from some of our neighbouring councils, Parramatta City Council is in a very strong financial position and in the financial year ending 30 June 2015 our revenues grew by $20.2 million, despite annual rates increases having remained capped at around the rate of inflation for the past five years.
At the same time, we have significantly boosted our investment in the community through spending increases on infrastructure and service provision while still delivering a budget surplus in 2014-15.
Council stands by its economic record and our financial results show that Parramatta is performing strongly.
We are dedicated to doing the best job we can for our residents and ensuring that we continue to deliver quality services and infrastructure well into the future.
