St Hilliers Property today launched a marketing campaign for its $100 million commercial development in Parramatta, to be known as the Exchange building.

The 13 storey, A-Grade building will be constructed on a 2,579 square metre site opposite the new Parramatta Transport Interchange and in close proximity to Parramatta‚Äö?Ñ?¥s Civic Place redevelopment.

St Hilliers Property Chief Executive Officer, Tim Casey, said that the Exchange building will be a landmark in Parramatta and will provide corporations with an opportunity to enhance their profile and benefit from a rejuvenated city.

‚Äö?Ñ??Parramatta is experiencing a tight market for vacant A-Grade commercial space.  Vacancy rates are currently at less than 3% and there are limited new projects proposed,‚Äö?Ñ?? Mr Casey said. 

‚Äö?Ñ??On completion, Exchange will be one of a small number of 5 Star Green Star rated office buildings in Parramatta and we believe it will meet the growing demand of tenants seeking new stock that has ecologically sustainable features as well as efficient and flexible work spaces,‚Äö?Ñ?? he said.

‚Äö?Ñ??Parramatta offers a cost effective alternative to the Sydney CBD.  The potential for cost savings on rent and other costs such as lower outgoings per square metre and parking certainly provide for a great financial business case.   As well Parramatta is well supported by strong transport infrastructure providing access to a wide demographic and skill base of workers,‚Äö?Ñ?? Mr Casey said.

He added that many companies had taken notice of these benefits and were following the lead of corporate entities that have already established offices there.  The resurgence of the city into a bustling metropolis with a live streetscape he believes is very attractive to corporate tenants and unlike a business park workers are able to step out of the office into a living CBD.

The distinctive design of the Exchange building by architectural firm, Hassell, features a smooth horizontal glass office tower raised above a solid masonry base so that it appears to float freely above the ground.  The design includes a view corridor along Wentworth Street to Parramatta‚Äö?Ñ?¥s heritage railway station and the provision of a through-site access from Argyle Street to Fitzwilliam Street and beyond. 

St Hilliers believes these elements and the maximisation of direct sunlight penetration onto Valentine Square will improve the amenity of this vicinity for people working and living in Parramatta. 

The 18 metres width of the building provides for flexible work spaces and the floor to ceiling glazing allows maximum natural daylight helping to reduce energy consumption through a reduced requirement for artificial lighting.  Extensive external fixed louvres will reduce glare and heat gain by permanently shading the fa??üade. 

Approximately 100 car spaces along with motorcycle and cycle spaces are proposed on three basement levels as well as associated shower and change room facilities,

Construction of the building is expected to commence in May 2009 and will take
20 months to be completed.

The Exchange development is a seed asset of St Hilliers Fund No.4, a development to core fund that closed in June this year raising $200 million of equity.

Knight Frank and Jones Lang LaSalle have been appointed the exclusive joint leasing agents for Exchange at 2 Fitzwilliam Street, Parramatta. 

A website with information about the development can be found at www.exchangeparramatta.com.