With the NSW Government’s moves to make the Parramatta region the second CBD for Sydney, the area’s stock continues to rise at a staggering pace. The government’s 21st century transport connection plans are expected to include a ring road that will improve traffic flow and new light rail routes that will provide fast and reliable connections to a range of educational, employment and recreational opportunities. This will go some distance to consolidating the city’s burgeoning reputation as a major economic powerhouse, supported further by planned major commercial developments such as the recently- approved- for -development Riverside Tower, poised to house an astonishing 413 appartments and which will become Parramatta’s tallest building; and the proposed Aspire building, expected to become the tallest residential building in the southern hemisphere. It’s exciting news for Parramatta: both developments alone are expected to pump hundreds of millions of Australian dollars back into the area; furthermore, there are around another 30 developments still in the pipeline.
Parramatta, comprising a CBD and three specialised precincts (Westmead, Camellia &Rosehill and Rydalmere), is the vibrant, beating heart of the future generation and a centre of excellence in research, education and enterprise. Each area offers unique opportunities: Westmead, New South Wales’s largest health precinct, is internationally recognised as a centre of excellence in medical research; it’s also an employer of 16,000 and is poised to create a further 11,000 new jobs within 25 years. Camellia, a business district, is the perfect location for Sydney’s first clean technology cluster and will provide sustainable waste solutions for the area’s growing population. Rosehill, a prime entertainment precinct, is set to produce a new hotel, registered club and business conference facilities; Rydalmere offers tremendous potential for a business park adjoining the University of West Sydney. In addition to the region’s economic assets Parramatta boasts internationally renowned heritage, arts and sports facilities which create significant tourism.
Parramatta has been a major beneficiary of Sydney’s population growth, and the area has seen a surge in residential development in the last few years. Roy Skaf, Managing Director of Macquarie York, said:
“Over half of Sydney’s growing population will be based around Western Sydney within the next 30 years or so and at its heart is Parramatta, which is pretty much the driving force of Australia’s most significant economic region. And it’s only 25km or so from Sydney CBD. Sydney will need to significantly increase existing dwellings to keep up with demand, and the best way to do this – I’m certainly not alone in this view – is to build more properties in key areas.”
Skaf’s property development company, Macquarie York, has been working closely with some of the country’s major developer groups on development site acquisitions and amalgamations of sites in areas such as Rosehill, Parramatta and Blacktown. Sites are expected to be released onto the market later on this year.
Skaf continued: “Parramatta is an idyllic, historic river city. There are few better places to live if you’re of working age. Restaurants, bars, parks and specialty retail are popping up regularly now; it’s a great, thriving and fun place to live and work.”
For further information on the availability of development sites in the area contact Macquarie York on 1300 672 121.