Sydney, 07 June 2016 –Sydney’s rapidly growing south-west region is in a state of transformation, with booming population growth and a burgeoning development pipeline pushing the commercial centre of Parramatta close to capacity.
CBRE Western Sydney agent Thomas Mosca said Liverpool was positioned to become the future capital of Sydney’s south-west amid a spate of new projects in the area, sustained population growth and low unemployment levels.
“The current rate of growth in Sydney’s south-west is unsustainable. We’re already seeing Parramatta experiencing extremely tight vacancy levels in the A-grade market, while future development potential enabling business growth looks limited,” Mr Mosca said.
“Whereby Liverpool offers a large development pipeline, healthy employment prospects and excellent transport connectivity – all of which are supported by an already established – and growing - population.”
Mr Mosca said Liverpool was on the cusp of a major transformation, with the next decade expected to see it accompany Parramatta as one of Sydney’s largest CBDs.
“Currently, approximately 75% of Liverpool’s residents leave the area for work each day, which demonstrates the importance of cementing it as the commercial centre of Sydney’s south-west,” Mr Thomas explained.
“While offering a plethora of opportunity, Liverpool is currently vastly underserviced. Liverpool needs more jobs for its residents – more commitment from government and large organisations.”
Development is already underway across the Liverpool area, with a current supply pipeline of 16,000sqm for 2016, including several commitments from universities, local government and multi-national organisations.
One of the newest developments underway is the Brydens law building at 100 Macquarie Street – and in immediate proximity to the Westfield shopping centre.
The property, which is currently under construction, is already 100% committed, with Western Sydney University a major tenant in the 7200sqm A-grade building, after inking a lease on three floors, with potential for a fourth floor.
Brydens Law Group will occupy the three top floors of the building.
“With a significant shortage of premium grade space in Sydney’s south-west, interest in Brydens law building was overwhelming, with almost all leases signed within a matter of months,” Mr Mosca explained.
“The strong level of interest from universities looking to seek a presence in the area is particularly encouraging, and further reinforces the growing profile of Liverpool as the commercial hub of Sydney’s south-west.”
Other university commitments in the area include the University of Wollongong, which has recently secured space in Liverpool Council’s Chambers located at 33 Moore Street.
Recent commitments to Liverpool come after council recently announced plans to rezone half the commercial core from B3 Commercial to B4 Mixed Use.
Mr Mosca went on to say the mooted extension of the metropolitan train line would further position Liverpool as the powerhouse of Sydney’s south-west.
“Liverpool has the potential to become the region’s major transport interchange, with a number of proposed works set to make it one of the most connected and accessible suburbs in the south-west,” Mr Mosca said.
Proposed transport works include the extension of the metropolitan line from Bankstown to Liverpool, making it just 35 minutes travel from Liverpool to the Sydney CBD; four train tracks at the new Badgerys Creek Airport – enabling connections to areas like Leppington, Austral, Carnes Hill and Edmondson Park.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.