The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherStaff WriterMon 13 Feb 17

GPT Steps Into Parramatta With Strategic Acquisition

Screen-Shot-2017-02-14-at-4

GPT Group has successfully acquired a site on the corner of Smith and Phillip Streets in the heart of Parramatta's CBD with a transaction value of $31.2 million.

The acquisition is the listed fund manager and investor’s first move into the area, which is currently the centre of a major development push by big players including Charter Hall, Lang Walker's Walker Corporation and DEXUS Property Group, according to The Australian Financial Review.

The site, previously purchased off the Salvation Army, is reportedly primed to accommodate a potential 26,000-square- metre office tower.

This would meet a current high demand, according to The Sydney Morning Herald for office, retail and residential developments in the area.

GPT's head of office and logistics Matthew Faddy told the AFR that an office project would fit with the broader state strategy to develop Parramatta as another CBD within Sydney.

"GPT is very excited to have marked its entry into Parramatta's CBD office market by securing this prime location," he said.

"Already Australia's fifth largest office market, Parramatta's CBD is expected to see significant growth in demand for quality office space over the next decade."GPT Group, which lists shopping centres, high-rise city offices and industrial estates in its property portfolio, reportedly earned $1.153 billion in net profit after tax for 2016 thanks to a rise in property values and improving income from office markets in Melbourne and Sydney.

Mr Faddy told The Sydney Morning Herald he believed Parramatta’s importance will only grow, and continue to do so as NSW government plans for new light rail, Metro rail lines and motorway connections into Parramatta, along with the rejuvenation of the CBD along Parramatta River.

RetailAustraliaParramattaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Sydney developer is pushing ahead with a project it picked up following the collapse of Dyldam in 2020....
LATEST
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/gpt-parramatta-acquisition