The implementation of Sydney’s Parramatta Road Urban Transformation Program is increasing the attraction of developers to the area, according to JLL.
Vendors are tailoring their offerings to the market in anticipation of the changing commercial and accommodation requirements of the precinct, which was reflected in the release announcement of a mixed-use development site coming to market in Auburn.
Located in the Homebush region, the 5,223 square metre site was granted development approval for 268 hotel rooms, a permitted gross floor area (GFA) of 15,669 square metres and office space of 1,032 square metres.
Located at 188 – 194 Parramatta Road and 76-80 Macquarie Road Auburn, the site currently houses a mix of vacant land, vacant dwellings and commercial properties.
The site was offered to market on behalf of a private vendor by JLL Senior Executive of NSW Metropolitan Sales and Investments Gary Mason, Director of NSW Metropolitan Sales and Investments Paul Hunter and Executive Vice President of Hotels Peter Harper.
“We expect more mixed-use opportunities like this to be offered to the market in the future, as an increase in people living and working in the area strengthens need and demand for these type of assets,” Mr Mason said.
“There are a number of local developers assessing opportunities around this region, keen to get a foothold in this developing precinct.
“This site is complemented by its location near Sydney Olympic Park and the CBD.”
Mr Hunter said there was an evolution taking place in industrial and commercial areas across Sydney.
“Parramatta Road is a key transport route connecting the area to Homebush and the CBD. Some existing commercial and industrial stock within a 10 kilometre radius of the city is being repurposed due to residential development.
“This is seeing developers and end users seeking these types of opportunities further out from the city,” he said.
“Combined with more infrastructure including hotels being required in these areas, due to increased employment and residential development, this will make the site an attractive offering for the market.
“The building and connection of the WestConnex and M5 will also make access to and from the area considerably quicker,” Mr Hunter said.
According to UrbanGrowth NSW, the Parramatta Road Corridor is a strategically important transport and movement route for people who live, work and travel in the area.
The Corridor, which connects Sydney CBD to Parramatta, Sydney’s second CBD, is a priority area for the long term growth and improvement of Sydney.
The Strategy sets out the vision and land use and transport principles to accommodate 27,000 new homes and 50,000 new jobs in a range of industries across the Corridor over the next 30 years.