May 25, 2022
Parramatta & Western Sydney Property Development Opportunities
Parramatta & Western Sydney Property Development Opportunities
In recent times with more and more people moving to Western Sydney for work and to take advantage of the affordable housing, there has been an increase in the demand for property development in Western Sydney. At the heart of Sydney’s west is Parramatta, a booming central hub for business, entertainment, culture, food, art and education, with the suburb being referred to as Sydney’s second CBD while still offering something for everyone and a wide array of urban living options.
Recently the NSW state government has approved development plans for Parramatta, allowing for buildings up to 70 storeys tall to be built across the city, this will no doubtedly cause an increase in both commercial and residential lease demand in the area, becoming a hot market for Western Sydney property developers.
In this article we will tell you all the reasons why Parramatta and Western Sydney should be on your property radar. We will provide some more insight into the Parramatta and the Western Sydney area as well as property trends and some Western Sydney property development projects that HYG have been involved in.
The Benefits of Western Sydney Property Developments
The Greater Western Sydney area covers 5,800 square kilometres and is made up of 13 local government areas that account for the third largest economy in Australia, behind Sydney CBD and Melbourne, and is continually growing in popularity with families and businesses alike. This increase in popularity has increased the demand for more residential and commercial spaces with an expected increase in population in the area of more than one million by 2031. This growth and increase in demand will mean that Western Sydney commercial property developers and Western Sydney residential property developers will have a busy time ahead with almost two thirds of Western Sydney property developers having built properties near Parramatta just last year alone.
Connecting Western Sydney
The NSW government has a strong vision for the future of Western Sydney with investments into connecting Western Sydney to the rest of Sydney, more housing, more jobs and businesses and expanding healthcare and community facilities. This is covered in the Western Sydney City Deal signed in 2018 with the development of the Badgerys Creek Airport becoming the cornerstone of Western Sydney.
The Government is determined to make the North-South Rail Link a reality, having committed $100 million in joint funding for planning and development of this project, and providing quick transport options for Western Sydney’s growing population. This plan also includes further public transport initiatives such as the Sydney Metro West, Parramatta Light Rail and improving motorways such as the M4.
Western Sydney Residential Property Developments
The Western Sydney region has been a hot spot for new residents, accounting for almost 40% of all housing approvals made in New South Wales. With a commitment to strengthening culture and lifestyle making the area an even better place to live and invest, the government has also committed to making improvements to local councils and parklands to support the residential growth.
Western Sydney Commercial Property Developments
The Western Sydney Airport and Aerotropolis are set to change how we think about travel forever, as this world class precinct will cater for a range of advanced industries. The airport itself is projected to bring 28,000 jobs upon its completion with potential flow on effects throughout the region once it becomes fully operational.
Parramatta The Place to be
At the heart of Western Sydney is The City of Parramatta with an estimated population of 258,799 as of 2022 and commonly referred to as Sydney’s second CBD having had a recent influx of developments reshaping the city’s skyline as it continues evolving into an urban hub, where people can enjoy resort-style amenities and luxury riverfront apartments without ever needing more than 30 minutes on public transport to anywhere across Sydney.
Some things to look forward to with Parramatta’s continued growth and development:
- Accessibility – Transportation in the Parramatta LGA will improve with the new light rail and improved train lines
- Investment Boom – In the next five years, more than $10 billion will be invested in constructing roads and light rail to accommodate the growing population. Additionally there are plans for; schools, hospitals, universities, offices shops, accommodation, a museum, sports stadium, and new public spaces
- Economic Growth – With a growth rate of over 2%, Parramatta is expected to be the fastest growing region in Australia by 2031. The predicted increase will largely come from infrastructure investments and future developments that are projected make up for an estimated $30 billion gross regional product (GRP)
- Employment Growth – With the estimated economic growth in the area, an estimated 22,000 additional jobs will be created in Parramatta
- Increased Office Space – The demand for commercial space is set to increase by 34% in the next few years with an estimated 232,00 square metres of new buildings being built or lease committed
- Improved Finance, Health & Government Sectors – In the coming years, Parramatta is set to be a major player in all three industries. With 16,000 jobs expected and annual output valued at $3 billion
- Retail – Is anticipated to grow substantially with an additional $3 billion in retail turnover over the next 5 years
Demands in Parramatta Leasing Space
With changes in development and approvals processes, and the easing of building restrictions, there is likely to be an increased demand in commercial property across the Western Sydney area and Parramatta.
Commercial Property Parramatta Plan Approved
The council’s ambitious 40-year vision to expand Parramatta City has been approved by the state government, with the plan allowing for residential skyscrapers up to 69 storeys and commercial offices with 52 floors. These changes will mean the Parramatta CBD could have more than 1.5 million square metres of new commercial floor space.
The City of Parramatta has continued to lead office market activity in NSW as the area continues its transformation into a global city, with record-breaking leasing levels for 2021. In the 4th quarter of 2021 alone there was increased leasing activity and a strong positive net absorption at 68 thousand square metres.
The high net absorption levels in Parramatta are largely due to strong pre-commitment among new completions and activity within the small tenant market.
HYG Parramatta Projects
HYG has had the privilege of being a part of Parramatta’s property development and growth in recent times having been involved in a number of projects, most notably the 27 Argyle Street and 16-18 Wentworth Street projects.
27 Argyle Street, Parramatta
Located in the heart of Sydney’s most promising business region, the 27 Argyle Street project is an 11-level commercial establishment, packed with a generously sized 120-space carpark.
Situated only 3 minutes to Parramatta train station, the contemporary office building is one of our most prospective developments for its central, bustling location. It’s located directly next to Parramatta Westfield, Western Sydney University’s Parramatta campus and a range of local shops and amenities.
16-18 Wentworth St, Parramatta
Completed at the end of 2021, after undergoing full refurbishment, the 16-18 Wentworth Street project is in close proximity to Parramatta train station, Parramatta Westfield, Western Sydney University’s Parramatta campus and a number of local shops and amenities.
This is another grand-sized commercial office building and mixed tenancy building with abundant opportunities for future development.
HYG’s Western Sydney Property Developers
At HYG, our commitment to elevating the lives of our clients is unwavering, and we are excited to contribute to the growth of Western Sydney through our Western Sydney commercial property developers and Western Sydney residential property developers.
Our signature designs evoke quality, with an emphasis on high functionality and only the finest fixtures and fittings in all our Western Sydney property developments and Western Sydney apartment developments.
Contact our expert Western Sydney property development team to find out more about the new and exciting opportunities.