Architecture » Aspire Parramatta
City: Parramatta, Sydney
Address: 160-182 Church Street, Parramatta Square
└ List of 2010s started buildings
Completed: 2019 year
└ Lsit of 2010s completed buildings
└ List of 300-350 meters buildings
Floor count: 90 floors
└ List of 50-100 floors buildings
Design and construction
Style: Tower, Highrise
Building Uses: hotel, residential
Aspire Tower in Parramatta
Civic Place Tower
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.
shopping centre, which is also ear-marked for a major upgrade.
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.
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.
"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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