The city of Parramatta: a multi-development project quick to make headlines
Is Parramatta on your radar for a potential investment or living arrangement? If not, it certainly should be! Located in Sydney’s western suburbs, about 24 kilometres from the Sydney CBD, this city provides a world of opportunities for locals. With a projected population from 178,549 to 257,400 over the next few years, the suburb is fast becoming an urban hotspot.
What is it that makes this city one which looks to the future? Parramatta is growing in more ways than one. In addition to this, the city is sprawling upwards, with growth in high-density developments, making it one of the fastest-growing cities in Sydney.
- Sydney’s premier regional city
- The single most significant concentration of employment outside Sydney CBD
- Anticipated to be the fastest-growing centre outside Sydney CBD over the next 20 years
- Will grow beyond CBD boundaries into surrounding precincts
What does Parramatta CBD look like today? It is one of Australia’s fifth largest cities in economic terms with a GDP of $26.7 million as of June 30, 2018, employing approximately 30,000 local jobs and home to approximately 251,000. There has also been an increase in new apartment developments in Parramatta over the past few years with over 5,000 new dwellings.
The city of Parramatta has a vision to:
“Be the driving force and heart of Australia’s most significant economic region; a vibrant home for diverse communities to prosper; and a centre of excellence in research, education and enterprise” – City of Parramatta
New residential project developments in Parramatta to cater to a growing populace
“Residential development forecasts assume the number of dwellings in Parramatta CBD will increase by an average of 588 dwellings per annum to 20,001 in 2041.” – Forecast.ID
A massive leap for the area, the addition of these new dwellings is a significant driver of population growth in the area. This not only provides opportunities for people to relocate but offers locals to upgrade and form households locally. It is providing the population with the option of relocating to a fantastic city bursting with opportunity and future growth. There is a range of residential developments that are in progress for the city of Parramatta, including new housing estates on greenfield sites, the subdivision of existing residential neighbourhoods and conversation of industrial lands to residential lands.
New developments in Parramatta you should keep an eye out for
- Parramatta Square: There has been a lot of talk about changing the face of Western Sydney. However, this new development is one of Western Sydney’s most significant commercial developments. Parramatta Square is said to be a $3.2 billion development upon completion. This development will boast 124,000sqm of floor space and become the largest CBD commercial office building in Australia. Yes, we said it. It even exceeds the Barangaroo International Tower in the Sydney CBD.
- The Lennox: this is one of the many projected residential development projects emerging in Parramatta’s CBD. Located right next to Parramatta River, the former Lennox carpark is going to be transformed into a luxury riverfront precinct. This will allow residents to have access to a club floor, gym, lap pool, entertainment spaces, river views, gardens and an enclosed sun terrace.
- Altitude (330 Church Street): this is a Meriton development consisting of residential and serviced apartments, commercial and retail tenancies, all alongside a river view.
- V by Crown: this new development in Parramatta boasts resort facilities, rooftop bars, retail and commercial space. The perfect addition to the city, allowing locals to enjoy the luxurious facilities.
- Aspire (8 Parramatta Square): this Walker Corp development is the tallest proposed residential tower in the southern hemisphere. It consists of up to 700 apartments, a hotel and ground-level retail.
New residential project developments in Parramatta: Why invest?
Parramatta is an excellent strategic business location, positioned in the geographical centre of Sydney. Only a 30-minute train ride from Sydney CBD, Parramatta is an easily accessible city for people all around Sydney. This area also consists of a highly skilled workforce where a higher proportion of the population has received a bachelor or higher degree. Parramatta is slowly becoming a city that is educating the workforce of tomorrow, preparing them for the future.
Parramatta is also a very central location with easy access to rail, bus, ferries and cars. It will also benefit from the new light rail allowing for fast train connections between CBDs, Western Sydney Airport at Badgerys Creek and the Westconnex Road project. It is also a great city, consisting of a range of cafes, restaurants, bars, hotels and other entertainment spaces. It has never been a better time to invest in Parramatta. With a variety of upcoming new developments in the Sydney, as well as a reliable location business, education and entertainment facilities, this area has it all.
Already termed Sydney’s second CBD – 2020 will see exponential growth for the city of Parramatta. Stay up to date with us as we announce new projects in Sydney’s western region.