Message from the Regional Director
We’ve had a busy February this year, preparing our response to the Western Sydney Aerotropolis Plan in consultation members, our Outlook Series of member events, and the Office Market Report, which underscores the strength of Parramatta an emerging centre.
Over the coming month, we are hosting a member briefing on Sydney Water’s plans to provide services and infrastructure to a growing region, and examining the work done by local government as city-wide Local Environment Plans and associated planning instruments are amended.
As always, I’m happy to keep in touch with members who want to contribute to our advocacy agenda. Feel free to get in touch with me on 0412897130 or via email to [email protected] as the need arises.
Regards,
Ross Grove
Western Sydney Regional Director
Parramatta retains number one position with lowest office vacancies in NSW
Parramatta continues to be one of Australia’s strongest emerging commercial office markets, according to the Property Council of Australia’s Office Market Report released today.
The office vacancy rate in Parramatta stands at 3.2 per cent, a 0.4 per cent change from the last report published in July 2019, with Parramatta’s performance ahead of all other commercial office centres in the state.
Key market indicators, Parramatta (aggregate)
“Parramatta is performing well as a destination for new office space, with new construction projects bringing additional office space online and businesses moving in as soon as the ribbon is cut,” said Property Council of Australia’s Western Sydney Regional Director Ross Grove.
“Parramatta recorded the strongest net demand for office space over the six months to January 2020 – over eight times its historic average. This is mainly due to Walker Corporation’s Parramatta Square 4 tower coming online late last year.
“Demand from Government tenants and professional services construction is ensuring vacancies are tight and the improved connectivity will ensure there is a strong pipeline of demand into the future to support a number of office developments already underway.
“New infrastructure projects such as Parramatta Light Rail and the Sydney Metro West as well as the growth of Westmead means the area is well placed for further commercial office investment into the future.”
Above, an artist’s impression of Parramatta Square 4 tower
Western Sydney Outlook hosts 450 attendees
Our Western Sydney Outlook breakfast at Bankwest Stadium was a roaring success, with the event reaching capacity additional seating capacity sought in the weeks beforehand.
Attendees heard from Stuart Ayres, Minister for Western Sydney, Jobs, Investment and Tourism; Liz Dibbs, Western City District Commissioner, Greater Sydney Commission; Bob Johnson, Chief Executive Officer, The GPT Group; Nicholle Sparkes, General Manager, Group HSE & Residential Construction, Frasers Property Australia; Jeheon Son, Head of Integrated Transport Development, Lendlease; and Sarah Duignan, Director, Real Estate Advisory, EY on emerging trends and policy challenges facing Western Sydney and the aerotropolis.
Thank you to The GPT Group and Outlook Series sponsor Ethos Urban for providing the support needed to make this event into a reality.
Above, panellists from the Western Sydney Outlook event (l-r): Stuart Ayres, Liz Dibbs, Jeheon Son, Nicholle Sparkes, Bob Johnston and Sarah Duignan.
New member profile: Eastern Pacific
The Property Council recently met with Chris Abouhamad from Eastern Pacific. Chris founded the company in 2013 to deliver sustainable and functional residential, commercial and retail spaces with cutting-edge architecture.
What are your core business activities?
We are a mid-tier head contracting construction company with an additional large development pipeline, contracting and partnering with the public and private sector, specializing in multi-residential apartments, commercial, retail, industrial and educational projects.
What attracts Eastern Pacific to Western Sydney?
Western Sydney is Eastern Pacific’s core community. We’ve been here for more than 35 years and we are proud to be a large contributor to the transitional growth of the Western Sydney communities and precincts.
What attracted you to the Property Council?
Property Council, to us and to many, is the perceived to be the rich source of knowledge in which all contributors to the property industry can rely. With qualities and values that put the industry counterparts first, it was an obvious attraction (and choice) to be part of the respected community.
What are the issues of importance to your company that the Property Council can work with you on?
Providing clear industry insights and facts without the noise. We’d like the Property Council to assist us with introducing us with like-minded industry players with similar core values and visions for the construction and property industry.
What do you see as the biggest opportunity for the NSW property industry in the next 12 months?
Educate it’s members and personnel on the vast industry changes that are severely impacting the property industry which include some positive, some negative changes. Above all else, work shopping and providing resources for operators of all tiers to understand the evolving landscape.
Above, Middleton Grange Town Centre
Above, AMADA on the Great Western Highway in Mays Hill
Above, The Grande in George Street Liverpool.
Western Sydney Council Update
Blue Mountains
Blue Mountains City Council has endorsed their Local Strategic Planning Statement for referral to the Greater Sydney Commission.
Campbelltown
The Department of Planning Industry and Environment is assessing a planning proposal for the Ingleburn Town Centre.
Cumberland
A new Local Environment Plan for the merged council is being assessed by the Department of Planning, Industry and Environment.
Liverpool
The Department of Planning, Industry and Environment is assessing the review of their citywide LEP, along with a planning proposal for the Holsworthy Town Centre.
Parramatta
A new Local Environment Plan for the merged council is being assessed by the Department of Planning, Industry and Environment.
It is anticipated the CBD Planning Proposal will be on exhibition in May.
Penrith
Penrith City Council has endorsed their Local Strategic Planning Statement for referral to the Greater Sydney Commission.
Penrith LEP 2010 (LEP Review Phase 1) – Pre Exhibition.
Wollondilly
Wollondilly Shire Council has endorsed their Local Strategic Planning Statement for referral to the Greater Sydney Commission.
Stage 1 Review of Wollondilly LEP to align with LSPS – Assessing Planning Proposal.