Last year the Commonwealth Bank announced it would not renew leases at Parramatta, Sydney Olympic Park and Lidcombe, and would instead move into new offices at Australian Technology Park near Redfern.
Securing an anchor tenant such as NAB could be critical to the success of Parramatta Square, and to plans of both the government and local council to establish Parramatta as the city's second CBD.
Parramatta City Council says having one of Australia’s largest financial institutions establish a major presence in Parramatta will be a huge boost to the local economy.
Council says the statement by the National Australia Bank that it is consolidating its existing seven Sydney offices into two new locations, including a site in Parramatta, sends a clear message that Parramatta is the place to do business.
Over the next five years economic growth in Parramatta is projected to almost double and its workforce is set to swell to 186,000, with a strong emphasis on a growing financial sector.
“This is a great day for the people of Parramatta to know that a household name like NAB has shown such confidence in the future of our City,” Council’s Administrator Amanda Chadwick said.
“NAB’s decision is a beacon to the rest of Sydney that Parramatta is truly a compelling place to work and live. We have world-class open spaces, a thriving CBD and passionate residents who I know will join me in welcoming NAB’s workers to our great cCouncility.”
