GPT marks construction milestone as 32 Smith Street tops out

23 September 2020

The GPT Group last week celebrated a major milestone in the construction of its 26,500 square metre office building at 32 Smith Street, Parramatta, with a topping out ceremony which marked the successful completion of the structural phase of construction.

The ceremony saw a magnolia tree craned on to the roof of the development after construction reached its highest point on the building, which is set to house anchor tenant QBE, Coleman Grieg lawyers and Space&Co. QBE has committed to approximately 51 per cent of the building for an initial lease term of 10 years, with the deal including signage rights.

Hosted by GPT’s Head of Office & Logistics Matthew Faddy, the event was attended by a limited number of guests due to social distancing requirements, including Parramatta Lord Mayor Bob Dwyer, Executive Director of the Western Sydney Business Chamber David Borger, Richard Crookes Constructions CEO George Bardas, QBE’s Chief Strategy Officer Fiona Hayes-St Clair and GPT and Richard Crookes Constructions teams who have worked on the project.

In an address to guests, Mr Faddy said the development at 32 Smith Street marked another important step in the evolution of Parramatta into a world-class commercial precinct.

“This A-Grade office building will be one of Parramatta’s standout landmarks and will only bolster the City of Parramatta’s vision to transform the CBD into a world-class commercial and cultural centre,” said Mr Faddy. “We are delighted QBE and Coleman Greig are committed to occupying this iconic building. 32 Smith Street will deliver state-of-the-art premises which promote cutting-edge technology and a workspace design set to accommodate modern working practices.”

The 29 storey office building is the first site to be developed by GPT in the Parramatta CBD and will have an end value of more than $320 million. It is complemented by the Group’s other holdings in Parramatta, including 60 Station Street and 87-91 George Street.

The design of 32 Smith Street is at the forefront of environmental sustainability, targeting a 5 Star NABERS Energy rating to accompany the recently awarded 6 Star Green Star rating, representing world leadership in sustainable design. This is consistent with GPT’s recent announcement to target net zero carbon across our portfolio of managed assets by 2024.

The building will include a ground level ‘urban room’ event space, an elevated podium terrace facing the Parramatta River, a tree covered sky deck with panoramic views. Available to tenants will be state-of-the-art End-of-Trip facilities with bike storage and lockers, while the car park will be located above ground on Levels 3 to 5, maximising ground level activation of the building.