Developer Plans Two-Tower Package In Parramatta CBD

A developer is planning a two-tower office in the Parramatta, Australia, CBD, The Urban Developer reports. The properties, being developed by The GPT Group, will be high rises of 60 and 35 stories. The company has reportedly bought the site at George Street and Barrack Lane for AUD90 million (US$65 million), and the project will cost an estimated AUD1.6 billion (US$1.15 billion). The site calls for the amalgamation of four adjoining lots. The plan creates a continuous land holding around 6,500 m², and will add 125,000 m² of office space, a courtyard around the historic buildings and the city’s oldest fig tree for an entertainment quarter with food and beverage outlets. GPT expects stage one of the development, with the taller tower, to be lodged and approved by the end of 2022. Construction should start in 2024.