Project name: Parramatta Square — Retail Opportunity Assessment
Location: Parramatta, NSW
Status: Report completed November 2012
Brief: Parramatta Square is a planned redevelopment of the Council owned land located immediately north of the Parramatta railway station. The vision for the Parramatta Square development is to provide generous public spaces, along with corporate centres, retail and dining options, new Council facilities and strong connections to the Parramatta transport interchange, with direct pedestrian linkages. The development is seen as a major catalyst for desirable change within the Parramatta CBD.
Parramatta Council commissioned MacroPlan to provide advice on the potential retail tenancy mix for the development including advice in regards to tenant sizing, configuration and timing.
Methodology: The key drivers of potential retail business in the Parramatta CBD were analysed, including CBD workers, immediate residents, the wider resident market and visitors. The population and retail expenditure growth of these drivers were assessed based on information from developers, the ABS census and other sources.
The range of existing and proposed competitive retail facilities was then reviewed to identify any potential gaps in the Parramatta retail offer. An assessment of future retail trends was also taken into account.
Result: The amount of supportable floorspace for Parramatta Square was determined and advice given on the ideal category mix of the supportable floorspace and appropriate tenants to include.