Dexus Wins Approval for Parramatta Skyscraper

Tuesday 22 May 2018

Development proposal made by property group Dexus in 2017 for a 33-storey office tower at 140 George Street has now been approved by the City of Parramatta.

Approval comes after the listed developer agreed to sell the 140 George Street, Parramatta asset to its unlisted Dexus Office Partnership earlier this month.

Once finished, the newly-approved Parramatta tower will offer 45,800sq m of A-Grade office space, designed with large, open, contiguous floorplates to maximise fit-out flexibility.

“The development will deliver a world-class office building and strongly supports Parramatta’s growth as a place to invest and to do business,” Dexus chief investment officer Ross Du Vernet said.

No tenants have been announced for the tower, but when the proposal was first submitted in 2017 it was suggested that 140 George Street could be dedicated to New South Wales’ public servants.

“Parramatta continues to attract quality tenants who are enticed by the city’s dynamic workforce, interconnected transport options and vibrant lifestyle offerings,” Du Vernet said.

140 George Street building is not the only Dexus-stamped office development in Parramatta, with two Charter Hall’s funds snapping up Dexus’ 105 Phillip Street office tower for $229 million last year.

The settlement of 105 Phillip Street this year was a key milestone for the group’s $4.2 billion pipeline. The ASX-listed property group affirmed its guidance for the year, booking a lift in office portfolio occupancy to 96.8 per cent.

 

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