Parramatta. Signs of life returning

Glenn Byers, executive director, Property Council NSW, said signs of life were returning to the office tenancy market in Parramatta. The vacancy rate decreased from 10.8 per cent to 9.6 per cent in the six months to January 2011, with the decrease due solely to positive demand, with net absorption of 8,279 square metres in the past six months. “We saw an increase in demand and a drop in vacancy rates across the A Grade and B Grade markets. The opposite was true in the C and D Grade markets,” he said

North Ryde. Vacancy rate falls to 10.3 per cent

Tenant demand for quality office space in North Ryde continues to rebound and has produced a drop in the vacancy rate from 11.3 per cent to 10.3 per cent in the six months to January 2011, according to the Property Council of Australia’s latest Australian Office Market Report “A grade vacancy rates fell from 12 per cent to 9.9 per cent in the past six months, with net demand increasing to 25,986 square metres," said executive director, Glenn Byres, of the Property Council NSW

Sydney Olympic Park. Assessment of project

The Department of Planning’s requirements for an environmental assessment have been issued, to FDC Construction and Fitout, for the construction of six-storey commercial building with two levels of basement parking, associated rooftop plant equipment and subdivision, in Sydney Olympic Park. The estimated cost of construction is $15.3 million.

Bankstown. 400 new jobs in defence industry

Advanced composite manufacturer, Quickstep Technoligies, is moving its operations from Western Australia to NSW where it will will set up a $15 million facility, at Bankstown Airport, in a former Boeing facility. Quickstep will supply up to 16 different F-35 Joint Strike Fighter components after securing a long term agreement, valued at more than half a billion dollars, with global defence contractor Northrop Grumman. The relocation will create up to 400 new jobs and inject $180 million into the NSW economy. The NSW government has set a target for NSW to secure 30 per cent of Australia's in-country defence spend by 2019, and to create more than 1500 new jobs in Defence-related industries by 2013.

Londonderry. $40 million proposal

A concept plan proposed by Elf Farm Supplies Pty Ltd and Elf Mushrooms – part of the Tolson Group of companies – for a $40 million mushroom farm, at Londonderry and extension to a mushroom substrate plant at Mulgrave, is one public exhibition until February 14.

Penrith. Taskforce completes project

A high powered local taskforce comprising senior representatives of the University of Sydney, University of Western Sydney, TAFE, Penrith City Council, the Nepean public and private hospitals, as well as a number of government agencies and local business people, has finalised its work on the Penrith Health and Education Precinct (PHEP), which was listed as a “Potential Specialised Centre” in the Metropolitan Plan for Sydney 2036. Taskforce chairman, Paul Brennan, said that the taskforce was very optimistic that the PHEP would be elevated to state significant status once its role in becoming “one of Australia’s premier destinations for health, education, medical research and related industry over the next ten years” was recognised by government. The planning work for PHEP was funded by the government