Colloquially known as Parra, Parramatta is the 2nd CBD after Sydney and is set in Western Sydney. Already a major business and commercial centre today, Parra is fast becoming one of Sydney’s most significant economic regions – but with a twist of modern day lifestyle and culture.
Home to 30% of Australia’s top 500 companies, including the headquarters of some of the world’s largest MNCs like AOE, Deloitte, Coca Cola, Sydney Water, as well as 187,000 residents, 16,000 businesses and the headquarters of the largest medical research hub in NSW, Parramatta is experiencing one of Australia’s largest urban renewal and is beginning to catch the eye of investors
With $11.5 Billion invested in local infrastructure, the city is expecting tremendous transformation across transport, education, health and culture, potentially generating 160,000 new job opportunities. Here are the 5 things we looked out for:
“Parramatta, the greatest growth boom in its history”. “An $8bn boom as Parramatta reaches for the sky”.
These are just some of the headlines dominating major newspapers in Australia since 2014. Many refer to Parra as Australia’s “boomtown” with a projected $8bn building explosion set to dramatically reshape the city’s skyline and with the size of its CBD expected to jump from $23bn in 2016 to $30bn in 2021.
Part of this regeneration include the $2 billion Parramatta Square which is set to become a visionary, world-class landmark in the heart of the Parramatta CBD.
Located across a prime three-hectare Parramatta city block, Parramatta Square will consist of six new buildings and a refurbished Town Hall, linked by 20,000sqm of public domain where commuters can work, shop, dine and connect.
The Southern end of Church Street, also known as “Auto Alley”, is being transformed into a major commercial and residential area, as is Parramatta Square in the centre of the city. The new developments will add an extra 800,000sqm of commercial and retail space to the Parramatta’s CBD.
Other than the 16,000 local businesses, Parramatta is also investing efforts in growing its economy further by developing sport, art, retail and top-class restaurant precincts, aiming to generate commercial growth of 47,000 new jobs by 2036.
“The future looks great for Greater Paramatta region which is set to benefit from a variety of infrastructure which will cement its place as Sydney 2nd CBD”.
The plan clearly shows Parra becoming the next CBD with the amount of public transport coming through the suburb. Already NSW’s 4th Business Station, if trends continue it should be well on the way to becoming the 2nd busiest” as quoted from Build Sydney.
Located 36 kilometres from Parramatta CBD, the new 2nd International Airport at Badgerys Creek, Western Sydney Airport, is established to shape the city’s future. The proposed airport, to be built by the Federal Government, is set to stimulate local economy, particularly in aviation, tourism, retail, transport and logistics, and professional services, boosting population and employment growth towards Western Sydney.
Adding to the connectivity between transportations, the upcoming Sydney Metro West railway connects the new Western Sydney Airport to the CBDs of Parramatta, Macquarie and Sydney, linking communities along the way that have not been previously serviced by rail and unlocking housing supply and employment growth between the two major CBDs. With construction set to begin next year, the Light Rail is expected to strategically link up the region’s residential, employment, cultural and educational precincts.
We are looking at unprecedented education spend to accommodate the anticipated surge in student numbers in Western Sydney. This has been lauded “the biggest NSW government investment in education infrastructure in history”. And with over nine university campuses, colleges and graduate schools, including campuses from the Western Sydney University (UWS), the University of Sydney, the University of New England, James Ruse Agricultural High School (Ranked #1) and Kings School (Ranked #32).
Parramatta is also host to Australia’s premier health institutions, collaterally known as Westmead Medical Precinct. It has the largest concentration of health services in Australia. On top of the already well-established health care facilities, the state will be investing $135m in a world class research facility, and $171m in children’s medical research, generating 16,000 job opportunities in local health sector.
✔And of course, no city is complete without its retail and shopping options
On top of Parramatta Square, the city is also home to Westfield Parramatta, Australia’s 4th largest mall hosting approximately 500 shops across local and international brands. Connected directly to the Parramatta transport interchange, the mall welcomes more than 25million shoppers a year and has gone through various rounds of expansions and redevelopment to keep pace with the cities growth.
Those who have visited Parra would be familiar with the rows of shops and restaurants that line Church Street. Running North-South through the CBD, the northern end of Church street features al fresco dining from a diverse range of cuisines. In fact, Parra is becoming a center attraction for foodies, amid a high-end dining push into the Western Suburbs. While there has traditionally been a gap in high-end dining options, the restaurant landscape of the city is expanding vividly, bringing in more premium dining options like Jamie Oliver’s Trattoria and the $2.5 million cafe, bar and restaurant Alex & Co. Among the several multi-million-dollar restaurant openings, a $4 million development in Liverpool for example is set to transform the early 20th-century industrial “The Paper Mill” into a food, beverage and retail space by the end of the year.
Our take on it:
With so many things coming together, Parra is an exciting city in its own right. As the confluence of Economic development and Lifestyle takes the city to the next level, we think it is certainly worth spending a day or two in Parra the next time you visit Sydney or Australia. There’s so much to offer!
For property investors out there, who have yet to catch on to this “boomtown”, you may be looking at the perfect opportunity to invest in Parramatta. With the expected boost in population and economy, Parramatta will be expecting a growing demand for both residential and commercial properties among both residents and expatriates and tenancy rates are at an all-time high of 97.4%.