The Property Council of Australia and Business Western Sydney have welcomed the NSW Government's gazettal of the Parramatta CBD Planning Proposal to continue the transformation and development of Sydney's second CBD.
On Friday, the Parramatta Local Environmental Plan 2011 (Amendment No 56) under the Environmental Planning and Assessment Act 1979 was published bringing to into effect new planning controls for the Parramatta City Centre.
Property Council's Western Sydney Regional Director Ross Grove said the changes charted a new course in the transformation of Parramatta.
"The new planning framework makes provision for the city's future growth, while providing bonus floor-space to applicants that deliver on sustainability and design excellence," Mr Grove said.
"The new incentives recognise that higher quality buildings come at a significant cost to industry, and that developers who go the extra mile will benefit from the capacity to do more on their site.
"This represents the culmination of work initiated by the former Parramatta City Council in 2013, making it one of the most comprehensively consulted and considered planning instruments in the city's history."
Mr Grove said he would continue to monitor how the finalised controls impact on the future pipeline of investment coming into the city and would provide feedback in circumstances where revisions and updates may be needed.
Business Western Sydney Executive Director David Borger said the finalisation was a significant step forward in the city's future.
"Business Western Sydney has advocated for updating planning controls in Parramatta for some time now, so the finalisation of the planning proposal is a welcome step forward," Mr Borger said.
"Parramatta sits at the heart of Greater Sydney. Over the long term, it's going to be the workplace destination of choice for the surrounding population, as well as a place of high amenity and an emerging centre for arts and culture supported by a vibrant night-time economy.
"What is now critical to Parramatta is a renewed commitment to Stage 2 of Parramatta Light Rail connecting to Olympic Park.
"This project will weave the nearby precincts along the route into a connected corridor enabling further growth and employment opportunities across the wider subregion.
"We cannot drop the ball on the opportunity this next stage brings to the city."
