$200 million investment in CBD

Parramatta City Council has received two development applications for a $35.2 million expansion and rejuvenation of the Commonwealth Bank of Australia’s office tower in the corporate precinct of the CBD.

The tower at 150 George Street, on the north-west corner of George and Charles streets includes a 22-level tower, of 20,496 square metres and a six-level car park accommodating 483 vehicles.

The major proposal of $25.4 million includes the extension of levels 8 to 10 by means of the construction of a 3-level building in the air space over the parking station which will lose 37 parking spaces.

The new 3582-square-metre building, which is structurally independent of the tower, will be joined to it by an atrium.

“The proposal will create additional employment opportunities in an area which is experiencing rapid transformation in terms of commercial character,” according to the Mckenzie Group which prepared the statement of environmental effects report

The second proposal seeks to renew the façade and the extension and reconfiguration of the lobby area of the 22-storey tower, which includes a café for use by staff and the public, at a cost of $9.8 million.

The George and Charles streets intersection and the immediate vicinity are becoming a hub of activity on eastern edge of the CBD.

In the order of 5000 people work locally, excluding construction workers.

Three major projects – all residential towers, one of which is under construction – are also located in the area, which includes residential units, serviced apartments, cafes, restaurants, a gym and commercial and professional space.

A 19-storey tower comprising 264 apartments is under construction, at 109-113 George Street.

An archaeological dig is underway on a vacant site, at 184-188 George Street, for a 12-storey building comprising 84 apartments.

Parramatta City Council has received a DA for two, 13-storey towers, comprising 146 additional apartments in the Meriton Serviced Apartments complex, at 180 George street, opposite the Commonwealth Bank’s proposal.

These four projects represent approximately $200 million in construction costs.

An application was approved in October 2011 for the redevelopment of the Cumberland Newspapers property, which includes a commercial and residential building, at 142 Macquarie Street, and a commercial building facing George Street, at an anticipated cost of $51.9 million.