Parramatta’s tallest tower, Eclipse, 80% leased as construction nearing completion
Four-fifths of the Eclipse Tower, the tallest office building in Parramatta, has now been leased as construction of the 19-storey structure reached its highest point.
Joint developers Leighton Properties and Grosvenor Fund Management Australia have secured pre-commitments from Deloitte, QBE Insurance and Landcom.
The 88-metre tower being built at 60 Station Street in the Parramatta CBD by Leighton subsidiary John Holland at a cost of $170 million is the only A-grade commercial building in Parramatta.
Due for completion in August 2012, the building is registered for a green star office design v2 rating and is targeting a five-star green star rating and a five-star NABERS energy rating.
According to the most recent Property Council of Australia office report, Parramatta has a vacancy rate of around 9%, below that of some fringe Sydney CBD market including Chatswood and Crows Nest/St Leonards.
In addition only 25,000 square metres of new office space is scheduled to be built in Parramatta over the next two years – growth of 3.7%.
The topping-out ceremony was attended by New South Wales premier and minister for western Sydney Barry O'Farrell.
"Parramatta is the geographic heart of Sydney. It’s wonderful people will have the opportunity to work where they live. The development has provided hundreds of jobs and long may it continue to do so into the future," he said.
"We have a strong commitment to the commercial evolution of the Parramatta CBD, and thanks to the building's proximity to key transport links, entertainment and recreation hubs, it will also provide an enhanced work and life balance for workers,” said Mark Gray, managing director of Leighton Properties.
The Eclipse Tower is Leighton’s third commercial building in Parramatta.
"Office rental rates in Parramatta are approximately half of the price of comparable quality stock in the Sydney CBD. However, for many companies it's no longer just about finding a competitive rental deal and cutting occupancy costs by relocating or growing their operations in Parramatta, said Anthony Lombardo, head of office development at Grosvenor Fund Management Australia.
"It's also about having a genuine strategic need to be located in close proximity to Western Sydney in order to capitalise on emerging growth opportunities in this exciting and dynamic region," he added.
Eclipse Tower was designed by Fitzpatrick and Partners, which won Parramatta's first design competition under the Parramatta City Council's new city centre plan.