Late last year, the Greater Sydney Commission unveiled its plan for the future of Sydney, envisioning the city structured into 3 distinct areas, each with its own CBD.
The plan is very much focused on the development of Sydney’s west, including further developing the Parramatta CBD and a new CBD around the new Badgerys Creek airport.
Two million people live in Western Sydney, which would make it Australia’s fourth largest city and third-largest economy in its own right.
The population of Western Sydney is set to increase by 1 million by 2031, which represents 50% growth, with an additional 200,000 jobs required.
Parramatta is already taking shape as a major CBD; having undergone rapid commercial, retail and residential development in recent years with major investment from both public and private sectors.
“Referred to as the Central City in our three cities model, the Greater Parramatta area is at a critical moment in history – the stars are aligning with total investment from the public and private sectors of over $10 billion over the next five years,” said Greater Sydney Commission Chief, Lucy Turnbull.
At the centre is the $2.4 billion Parramatta Square development; one of the largest urban renewal projects in Australia. This three-hectare site will be home to over 20,000 employees by 2021. NAB has already committed to 40,000sqm of office space, and NSW Government is committed to over 60,000sqm of office space within the 4 towers.
Only 3 minutes by train from Parramatta, is the neighbouring suburb of Westmead, one of Sydney’s highest beneficiaries of public and private investment.
In Westmead itself, over $3.4 billion of public and private investment has been committed to rebuild the suburb over the next decade. A $900m Westmead Medical precinct expansion (stage 1), will see a new 12 storey hospital built and represents the largest health redevelopment project in NSW.
“Westmead is poised to benefit from a raft of investment both within the suburb, in nearby Parramatta and within the greater west of Sydney. It is already an established health precinct and is set to develop further into a world class medical / research and education centre,” said Ironfish National Apartments Manager, Will Mitchell.
“Westmead is less than 30 minutes by train from the traditional CBD and city centre, and as the ‘3rd CBD’ takes shape around Badgery’s Creek, Westmead residents will enjoy easy access to the new international and domestic airport precinct as well.
“All these factors coming together make it a suburb for property investors to keep a very close eye on,” he said.