The GPT Group has commenced construction on its $300 million Smith Street tower in Parramatta.
The developer has broken ground on the new office tower, which will house QBE Insurance as its major tenant.
Designed by Fender Katsalidis, the tower is GPT’s second premium office building in the Parramatta CBD.
The company’s head of office and logistics Matthew Faddy said that the forthcoming tower at 32 Smith will be one of Parramatta’s iconic landmarks.
“This tower will be Parramatta’s leading office building in terms of design, amenity and quality workspace,” Faddy said.
Parramatta, currently experiencing a commercial boom, is anticipating 1.2 million square metres of office space within the next five years.
“We expect the importance of Parramatta as a world-class commercial and cultural centre will only grow, with most of Sydney’s population set to live in the West within the next two decades.”
“The plans for new light rail, West Metro, better motorway connections and large cultural facilities such as the Museum of Applied Arts and Sciences will only add to the appeal of Parramatta as a place to work.”
The city is also forecast to build more than 72,000 dwellings jobs by 2036 as well as creating approximately 113,000 additional jobs by 2036.
GPT has continued to explore new office and logistics opportunities across western Sydney.
GPT has also agreed to sell its 50 per cent stake in Sydney's MLC Centre for $800 million.
The deal has enabled Dexus to hold complete ownership over the tower located in Martin Place.
The property has achieved an annualised return of more than 20 per cent per annum over the past three years.