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GPT Group contributes A$230M tower to Sydney suburb's A$6B regeneration

GPT Group, as its contribution to a Sydney suburb's A$6 billion redevelopment, is moving ahead with plans to develop a A$230 million office tower in Parramatta, The Sydney Morning Herald reported.

The Australian-listed developer, according to the Aug. 14 report, appointed architect Fender Katsalidis, with the local council's consent, to design the commercial tower intended for the A$31.2 million site that it purchased in February from the Salvation Army.

Matthew Faddy, the group's head of office and logistics, told the publication that the proposed 32 Smith St. tower will establish "a new benchmark" for buildings in Parramatta, adding that it will support the transformation envisioned for the suburb by the local council.

The building will form part of GPT's proposed commercial and cultural center that will rise at least 20 stories, according to the publication, noting that the group is now preparing the development approval for the plan.

Also involved in the suburb's transformation initiative are Dexus, Charter Hall Group, Scentre Group and Walker Corp. The paper added that these developers are building towers, which upon completion will house the likes of KPMG, Western Sydney University and a number of government departments.

As of Aug. 14, US$1 was equivalent to A$1.27.