Leighton Properties to revitalise Parramatta with 1PSQ
Mark Stante 30 JUL 2014
Leighton Properties has signed an option agreement to acquire the 4,132sqm site at 169 Macquarie Street from Parramatta City Council. 1PSQ at 169 Macquarie Street is the first stage of Parramatta Square; a six-stage, three-hectare master plan by Parramatta City Council. Leighton Properties has secured the development rights to the site which includes DA-approval for a 26,000sqm commercial tower comprising 14 levels of A-grade commercial space. 1PSQ is expected to be delivered by 2016.
Parramatta Square will include approximately 190,000sqm of commercial and retail development, a 150-room hotel, 700 apartments, and 7,000sqm of new council facilities including civic administration, a community centre, and a new library.
Managing Director, Mark Gray, said "Leighton Properties is committed to the Council’s vision of redeveloping the precinct to be the pivotal centre of business, tourism, entertainment, culture and heritage in Western Sydney," Mr Gray said.
"Our capabilities and experience in providing innovative solutions for large-scale projects positions us well to deliver that. 1PSQ will become a quality, flagship development as part of the Parramatta Square vision."
Mr Gray said.
Leighton Properties has played a significant role in the revitalisation of Parramatta, with 1PSQ to be the Company’s fourth tower development in the area over the past eight years. Developments include multi award-winning Eclipse Tower 60 Station Street, 25 Smith Street and 101 George Street in Parramatta.
Parramatta is one of New South Wales most important economic regions, with large international companies including Deloitte, located in the area. According to the Property Council of Australia’s Office Market Report, vacancy rates in the Parramatta CBD tightened from 7.5% to 6% over the six months to January 2014 – representing the lowest level in 10 years. Even tighter figures were recorded across the A-Grade office space, with a vacancy rate of 0.5%.
"1PSQ addresses the underlying demand for quality office space in Parramatta. We look forward to working in partnership with the local council in delivering their vision for Parramatta Square." Mr Gray said.
For more information
Senior Development Manager
Phone+61 2 9925 6162
Email Mark Stante