Lang Walker's $3.2 billion Parramatta Square development continues its progression, with NSW Planning giving the green light for the construction of the final two commercial towers located in the heart of Parramatta.
Towers six and eight are the latest approvals which form part of the multi-billion urban renewal project in burgeoning Western Sydney.
The two new office buildings will comprise 125,000sq m of space over 50-storeys with an expected end value of $1.7 billion.
Spanning a three-hectare site, the Parramatta Square precinct will deliver four towers located directly over the major transport, shopping and public spaces when completed and comprise the largest commercial office building in Australia.
Walker Corporation chairman Lang Walker expects the project will see Parramatta City rival Sydney’s CBD.
“And we are applying our experience in these sorts of major projects, following the development of Collins Square in Melbourne,” Walker told The Urban Developer.
“Parramatta Square presents us with an unrivalled opportunity to capitalise on the strength of the Parramatta office market. Parramatta has the lowest vacancy rate of any office market in Australia, and we are securing major government and private sector tenants like NAB.”
The City of Parramatta Council has ambitions to make Parramatta “Australia’s Next Great City”.
A total of $8 billion is pegged to be invested in buildings and infrastructure over the next four years, which is inline with the local council's vision of seeing Parramatta rival Sydney’s CBD.
The wider precinct will also be home to the University of Western Sydney Campus.
Other recent development activity includes the $227 million A-grade office tower approved for 50 Macquarie Street by developer Coombes Property Group in partnership with Drivas Property Group.
The developers received planning approval for the 25-storey tower last month.