Sunday, 22 July 2018 Sydney
RSS
Connect
Newsletter

Visit, Live, Study & Invest in Parramatta::

About Parramatta

 

Located in the heart of Sydney, Parramatta offers a rich mix of dining, cultural, entertainment, retail and leisure experiences. From its world-class cafes and restaurants to its vibrant nightlife of theatres, cinemas and clubs, Parramatta has something on offer for everyone.

 

As the geographical, commercial and cultural capital of Western Sydney, Parramatta is the second largest CBD in Sydney and the sixth largest in the country. With an $14 billion dollar economy, Parramatta is a major provider of business and government services.

 

With an advanced transport infrastructure system, Parramatta plays a key regional role transporting millions of people everyday through its intergrated network of rail, road, bus and ferry services. Its central location means that Parramatta is an important hub for medical, legal, financial, educational and professional services.

 

Parramatta celebrates the traditions and festivals of the diverse, multicultural community that call this city home, with 52,206 residents coming from a non-English speaking background. Parramatta local government’s top five ethnic groups include:

 

  • Lebanese
  • English
  • Chinese
  • New Zealander
  • Indian

 

With a total of over 170,000 residents, the City of Parramatta includes the suburbs of:

 

  • Camellia
  • Carlingford (part)
  • Chester Hill
  • Clyde
  • Constitution Hill
  • Dundas
  • Dundas Valley
  • Eastwood (part)
  • Epping (part)
  • Ermington
  • Granville (part)
  • Guildford (part)
  • Harris Park (part)
  • Melrose Park (part)
  • Merrylands (part)
  • North Parramatta (part)
  • Northmead (part)
  • Oatlands (part)
  • Old Toongabbie
  • Parramatta
  • Pendle Hill (part)
  • Rosehill
  • Rydalmere
  • South Granville
  • Telopea
  • Toongabbie (part)
  • Wentworthville
  • Westmead (part)
  • Winston Hills

 

Parramatta: Open for Business

With its strategic central location, diverse industry structure, skilled work force and $14.8B annual output, Parramatta is a compelling option for firms looking to access the rapidly expanding Western Sydney economy.

Many companies have invested in Parramatta over the past two decades, finding it a dynamic, supportive and cost-effective business environment in which to grow.

This has created critical mass in industry, retail and cultural activity at the centre of the metropolitan area and cemented Parramatta’s role as the premier regional city in Sydney.

Parramatta is the next to attain 'takeoff' in terms of major city expansion and private sector investment.

The continuing mass movement of people into the centre of Sydney and the associated property booms in Meadowbank, Rhodes, Auburn, Blacktown and the Hills are furnishing Parramatta with an educated and skilled workforce that is younger and more multi-lingual than the Sydney average. This is making Parramatta attractive to a new generation of business leaders.

Meanwhile the suburbanisation of industry into Central and Western Sydney has produced rich regional markets for professional firms looking to service clients from a central location.

Parramatta makes sense for city-dwelling firms like Deloitte, Commonwealth Bank, Suncorp, QBE, News Local, Telstra and AON who are already taking advantage of these shifts.

 

Our Vision:

Parramatta - the driving force and heart of Australia’s most significant economic region; a vibrant home for diverse communities and a centre of excellence in research, education and enterprise.”

 

Parramatta is a major generator of growth and potential with several advantages as a competitive business location. The facts speak for themselves:

 

  • Population – Home to more than 176,000
  • Employment – Over 120,000 people work in Parramatta LGA
  • Gross Regional Product – At $14.8b in 2010/11 it continued to grow compared to many larger economies
  • Productivity - $62.92 per hour worked

 

Why Invest in Parramatta

 

 
Strategic business location
  • Parramatta is the geographical centre of Sydney, 24km from the Sydney CBD and the only Sydney centre with a true 360 degree catchment.
  • The Global Arc (high value economic corridor of industry, wealth and knowledge jobs) was extended to Parramatta in 2010 making it the conduit between Sydney's most significant concentration of economic assets and the large and increasingly skilled work force of Western Sydney.
  • Parramatta's centrality makes it the top ranking destination for employees leaving the Hills area for work
  • It is well positioned to become the central hub of an expanded Sydney transport network in the future.

 

Strong economy
  • Parramatta has a diverse economic base with predominance in Health, Finance/Insurance and Government sectors and strong recent growth in the sought-after Professional/ Scientific/Technical sector
  • It is the second largest work destination in Sydney employing an estimated 120,000 people in 2011.
  • GRP increased 1.4% to $14.8B in 2010/2011, while labour productivity of $62.92/hour was higher than all major urban economies in Australia except Perth as shown in a recent study for Parramatta Council.
  • Economic performance is being driven by Parramatta's high-value sectors: Finance, ICT, Property/ Business Services
  • There is significant presence in retail, food, accommodation, education, construction and the cultural industries, signalling the emergence of a vibrant 24 hour inner-city economy.

 

High-skilled workforce
  • The productive forces of Sydney are moving west as established Sydney ages and land around Sydney CBD become unattainable.
  • Parramatta's catchment is becoming denser with renewal along Parramatta River corridor and around the central Sydney zone.
  • Parramatta's population is growing at 3% p.a, 2nd fastest in NSW, three years younger on average than NSW.
  • 30% of residents have a degree, higher than Metro Syd (27.7%)
  • Links to China and India are growing. Overseas-born Chinese residents make up 8.1% of pop (Syd 2.0%), overseas-born Indian residents make up 6.8% of pop (Syd 3.4%).
  • Parramatta is a learning city. UWS will grow to 30,000 students inside 20 years. UNE is opening a CBD FutureCampus. Westmead's four medical research institutes house 900 PhD students.

 

Cost-effective office market
  • Parramatta is already the 6th largest CBD in the country
  • Its prime office rents ($410) are significantly lower on average than Sydney ($849), North Sydney ($670), St Leonards ($555) and Chatswood ($500).
  • There is 57,000sqm of approved green office space deliverable in the CBD within 18 months (with prelease) with a further 160,000sqm in the pipeline.
  • A-grade vacancies are a historically low 2.1% pointing to strong demand and need for new builds.

 

Connectivity
  • Parramatta is the most accessible centre in Western Sydney.
  • It is serviced by train, bus, ferry and cycleways along the Parramatta River with good access to the M4.
  • Parramatta station is the fourth busiest on the network with 50,000 people arriving by train each working morning.
  • Parramatta Council is active in the transport advocacy area and is pursuing commitment to a Western Sydney Light Rail System and Regional Ring Road to manage transport flows into and around Parramatta.
  • Parramatta is shortlisted to become the Sydney stop on a future East Coast Fast Rail.
  • Parramatta's digital connectivity will be bolstered by the rollout of the NBN in 2014.

 

Cultural appeal
  • The city has 150 restaurants, 10 bars, 5 international hotels, the Riverside Theatre, Parramatta Stadium, Rosehill Gardens, conferencing facilities and the second largest retail complex in Australia at Westfield Parramatta.
  • It hosts the Sydney Festival, Golden Slipper and Parramasala each year as well as a range of smaller activities throughout the year.
  • The Parramatta River runs through the centre connecting a large central park, foreshore area, some of the state's best heritage assets and nearby Sydney Olympic Park.
  • There has been a noticeable change in the CBD retail mix in the last year with a number of boutique cafes establishing in lanes, and Sydney eateries opening in Parramatta for the first time.

 

Major Developments

Council Owned Sites

Council owns close to 8 hectares of land in the Parramatta CBD. Our Property Development Group oversees and leverages value and city-shaping opportunities from these sites.

Council's key objectives are to unlock value, optimise potential and establish and grow an income earning property and investment portfolio which will provide a significant contribution to Council’s long-term financial plan.

Council has prioritised the following sites for redevelopment:

Parramatta Square – New civic heart

Parramatta Square is a 3 hectare precinct development that will provide the city with a new civic heart. It will include public space, corporate facilities, residential apartments, retail and dining, new Council headquarters, and connections to the transport interchange. It is expected to house up to 13,000 jobs upon completion. Two sites within the precinct – one residential, one commercial - have undergone design competitions and are now moving into DA stage.

Read more.


Lennox Bridge Car Park site

This site will be transformed into a first-class precinct known as 'Riverside Parramatta'. The project is being delivered to a 'Design Excellence' standard creating many benefits for Parramatta's community including a range of improvements along the river foreshore areas and public domains. A range of uses will be accommodated including cafés / bars / restaurants and Councils new Discovery Centre. Council has entered into a Development Agreement with LIDIS, one of Sydney's Specialist Property Groups to deliver what is destined to become Sydney's newest landmark.


Macquarie Street Car Park site

The site is also currently an on-grade car park located within the City fringe and having good views of the Parramatta River. The site will be redeveloped into a new residential tower amd a new commercial tower above a multi deck public car park that will help move parking to the city periphery as per Council’s Car Parking Strategy. The site has been put to tender and Council is currently negotiating with a number of developers.


Major Commercial Developments

In addition to the Council-owned sites above, the following major commerical developments are at various stages of planning/development and delivery.

Eclipse Tower, 60 Station St.

The Eclipse Tower, 60 Station Street is the latest addition to the Parramatta skyline, a 26,000sqm, 20 storey commercial building close to the transport interchange. Major tenants include Deloitte, QBE & Landcom. The building has been delivered via a partnership between Grosvenor, Leighton’s and John Holland and offers a striking, contemporary 5 star design with flexible floor space - Parramatta’s tallest commercial building!
more information on Eclipse Tower


100 George St.

A Parramatta landmark building that has recently undergone a $6 million refurbishment that has seen the building’s NABERS rating go from 1 star to 4 star. It boasts new ground floor public domain and retail space and 9,600 m2 of commercial office space in the heart of the Parramatta CBD. It is home to Colman and Greig, the largest legal practice headquartered outside the Sydney CBD.


89 George St.

A proposed 14 storey boutique commercial building, DA-approved and will be approximately 10,000sqm when built. It has been sensitively designed to meet six star green rating and showcase the neighbouring heritage asset, Perth House. The building has been designed by award-winning architecture firm Woods Bagot.
more information on 89 George St development


105 Phillip St

A proposed 13 storey commercial building owned by Dexus Property Group. This DA-approved building will deliver 20,500sqm when built. It has been designed to offer A-grade office space with 5 green star rating in the centre of the Parramatta CBD’s financial precinct on Phillip Street.
more information on105 Phillip St development

 


111 George St

A 17 Storey mixed use development, situated next to News Limited’s proposed state-of-the-art Media Centre, and the popular Albion Hotel. It is well situated on the banks of Parramatta River and enjoys both City and district views. Just a short walk to Harris Park too!
more information on 111_george_street,_parramatta


Westfield Tower

A proposed 20 storey 35,000 m2 commercial tower designed to sit atop the current Parramatta Westfield Shopping Centre, which currently receives 28.8 million visitors per year. The Centre also plans to add a sixth level of retail floorspace and additional carparking.
more information on Westfield tower expansion


Cumberland Newspaper / News Ltd Site.

A proposed purpose-built Media Centre similar to the Adelaide Advertiser headquarters in Adelaide CBD. The building will house the Cumberland newspaper group, part of News Limited/News Local. Stage 1 will be a five storey commercial building as part of a broader precinct development plan.


UWS – Westmead Precinct

The vision for this future mixed use development is to establish a diverse range of activities to enhance and support Westmead’s role as a specialist medical research hub. It is expected to create new links to the adjoining Westmead Hospital, schools and key public transport nodes including Westmead Station and the new Transit Way. Planning proposal currently being assessed.


Westmead Millennium Institute

This 7 storey purpose-built facility representing $135m in investment, will be home to the Westmead Medical Research Hub; a joint initiative between 3 expanding medical research institutes and the University of Sydney. The first stage of this exciting development is expected to commence in 2014.
more about Wetmead Millenium Institute project


 

Major Residential Developments

The Parramatta CBD has seen a surge of inner-city residential development in recent years. Below is a sample of the key sites:

Riverside - Meriton Development

This proposed mixed use development on the former David Jones site, designed by Tony Caro, includes a 22-storey tower containing 170 serviced apartments, a 32-storey tower containing 211 residential apartments, a 3-storey podium including eight commercial tenancies and a 1900sqm supermarket. Estimated capital investment is $149.9 million.
more information on Meriton iverside Development


V By Crown, 45 Macquarie St,

A 20+ storey development by Crown Developments which is currently selling off-plan – and soon to commence construction. The building boasts significant ground floor retail and a 1st floor of 5,800 m2 commercial space suiting a convention centre or similar. It will have 336 luxury apartments located above street level.
vbycrown.com.au/


B1 Tower, 118 Church St

This will be Parramatta’s tallest residential tower from Atria Group; a 28 level mixed-use building featuring 80 apartments and 5 floors of commercial & retail next to the Westfield Shopping Centre, ‘Asian District’ and train station. B1 Tower is currently under-construction.
www.b1tower.com


Focus, 6-10 Charles Street

A 12 storey,100 residential unit twin tower design situated between Parramatta & Harris Park railway station. The site is a short walk to Westfield and the CBD, well suited to CBD professionals, and is currently under-construction.
focusparramatta.com.au

.


Last updated on 06 Dec 2013

 

 

Council's Economic Development Program

 

Parramatta City Council's Economic Development Team plays a strategic role in creating partnerships, advocating in the interests of the City and running projects and events that move Parramatta closer to the goal of being Australia's next major CBD.

 

The core economic development priorities for Parramatta are:

  • The development of a strong city identity that differentiates Parramatta from other locations
  • The securing of major infrastructure such as light rail transport
  • The attraction of new business and investment into the area
  • The growth and greening of existing local businesses
  • The development of industry clusters in the CBD, Rydalmere and Westmead & Camellia
  • The development of vibrant, safe and liveable precincts within the city centre
  • The matching of the area's skill base with the needs of industry

 

For more information, contact Parramatta Council's Economic Development Team on 9806 5730.