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» Aspire Parramatta

Aspire Parramatta

Location information

Location: Oceania
Country: Australia
City: Parramatta, Sydney
Address: 160-182 Church Street, Parramatta Square

General information

Started: 2016 year
└ List of 2010s started buildings
Completed: 2019 year
└ Lsit of 2010s completed buildings

Technical details

Height: 315 meters
└ List of 300-350 meters buildings
Floor count: 90 floors
└ List of 50-100 floors buildings

Design and construction

Architect: Grimshaw Architects
Style: Tower, Highrise
Building Uses: hotel, residential

Aspire Tower in Parramatta

Civic Place Tower

Aspire Parramatta

Information

Aspire Parramatta
Parramatta has emerged as the strongest office market in Sydney, even eclipsing its rivals in the North, as more businesses jostle for a foothold in what is seen as the growth centre of NSW.
Aspire Parramatta
Reflecting the demand are groups like retail giant Scentre which is looking at building an office tower on its Westfield Parramatta shopping centre, which is also ear-marked for a major upgrade.
Aspire Parramatta
Developer Walker Corporation has recently launched the design competition amongst four major architectural firms for the design of its planned 90 storey Aspire Tower in Parramatta, Sydney, following submissions received from over 10 national and international design studios.
Aspire Parramatta
The tower will have an end value in excess of $500 million and will be the largest residential tower to be built in the state's history.
The competition, to be concluded on February 22, 2016, is running as demolition and construction works on the $2 billion re-development of Parramatta Square are now well underway.
It is expected that development approvals for the Aspire Tower will be lodged by June 2016. The Development Application (DA) for the Aspire Residential Tower will incorporate a Stage one 70 storey tower, while a second stage DA will be lodged for 90 storeys.
Aspire Parramatta
As a result of the activity Parramatta's office market has the lowest vacancy rate among the major markets in Sydney, according to the Property Council of Australia's latest Office Market Report.
The vacancy rate fell in Parramatta from 7.4 per cent to 5.6 per cent in the six months to January 2016.
The acting NSW executive director at the PCA Felicity Wilson said Parramatta has retained its status as the office market with the lowest vacancy rate in Sydney.
"Vacancy rates decreased across A, B and C grade assets in the last six months due to a mix of positive demand and withdrawals," Ms Wilson said.
"But the tale across asset grades varies substantially with a 1.7 per cent vacancy rate for A grade assets, 8.4 per cent for B grade and 12.6 per cent for C grade.
Stephen Panagiotopoulos​, director, commercial sales & leasing at CBRE said Parramatta's office market has strong fundamentals with vacancy continuing on a downward trend and A-Grade vacancy continuing to be the tightest in the country.
Aspire Parramatta
He said the market also recorded strong rental growth around 4.5 per cent year-on-year substantiating the attractiveness of commercial investments in Parramatta. This limited vacancy is providing few quality options for tenants, with only seven buildings providing whole floor options and only two buildings with vacancies above 2,000 sqm.
"We are expecting vacancy to further tighten over the next three years given that no large supply additions are expected. The only other variables to impact vacancy over the short-medium term could be sub-lease space coming to market or additional residential conversions, which would put further downward pressure on the already tight market.
"At present, the only commercial development under construction is 1PSQ which is a 26,000 sqm office building leased to Western Sydney University. This adds to net supply but does not provide any direct vacancy relief to the market," Mr Panagiotopoulos said. (via Brisbane Times)
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