Retail mall landlord Scentre has moved a step closer to its $670 million office tower project above Westfield Parramatta after its bid to almost double the height to 47 storeys was approved by the NSW government.
Upon completion, it will be the third-largest tower in the bustling capital of Sydney’s west.
Minister for Planning and Public Spaces Rob Stokes approved the 22-storey addition to the building, which he said would boost construction jobs in Sydney’s second CBD and will add 105,000 square metres of commercial space.
“Parramatta’s status as Sydney’s second CBD will be further enhanced by this development,” Mr Stokes said.
“It will bring jobs to Sydney’s west and capitalise on city-shaping projects like Parramatta Light Rail and Sydney Metro West.”
Scentre is a $13.9 billion, ASX-listed landlord which owns and manages 42 Westfield “living centres” across Australia and New Zealand. It is the country’s largest mall landlord and is considered a retail market bellwether.
The group started working on the Parramatta plans close to three years ago and while it does not traditionally own office towers – it sold the towers above Westfield Sydney to Blackstone under a 299-year lease for $1.52 billion in 2019 – chief executive Peter Allen said this development would provide much-needed A-grade space in the area.
Mr Allen said at the group’s results that its vision was to attract new business and more visitors to the precinct, boosting the Parramatta economy.
Property Council of Australia’s Western Sydney director Ross Grove said the approval underlined the confidence investors and owners had in Parramatta’s future as a commercial centre.