NAB is moving its Sydney HQ to the new $1.7 billion Wynyard Place

Photo: NAB/ Supplied.

In one of the biggest upheavals in its history, the National Australia Bank is moving its Sydney headquarters to the new $1.7 billion Wynyard Place, while also taking up a lease at Parramatta to cement its presence in the western suburbs.

Banks have been some of the most active commercial tenants across the country with all of the four majors and others, such as Suncorp and HSBC, all moving or planning to move to new digs. It is a reflection in the growth in demand for the financial services sector and also for banks providing staff with state-of-the-art offices.

NAB will be the anchor for the Brookfield Property Partners’ mixed use development in George Street after signing a 12-year lease from mid-2020 for nine floors, or 31,000 square metres of the 59,000 sq m tower. It comes as NAB is opening its new-look branch at Charter Hall’s 333 George Street, next to Wynyard Place.

NAB will also be the prime bank in the CBD of the west, Parramatta, after agreeing terms with Walker Corporation to take up space at the $2 billion Parramatta Square project. The decision comes as the CBA is relocating from Parramatta to its new digs at the Australian Technology Park in Redfern.

Interest in Parramatta Square has been highly contested among blue chip corporations, with NAB emerging the victor to secure the A-grade commercial tower, covering up to 40,000 sq m.

This will significantly consolidate NAB’s Sydney footprint from seven existing offices into two new locations.

NAB chief technology and operations officer acting, Matt Lawrance, said that NAB is committed to helping employees bring their best to work to deliver a great customer experience.

“This plan ensures NAB retains a presence in the CBD, with the office centrally located in the heart of Sydney,” Mr Lawrance said.

“It also delivers on our commitment to support small and medium businesses in Sydney’s West, an area with immense opportunity and growth.”

The head of development, Brookfield Property Partners’ Australian office division, Carl Schibrowski, said the Wynyard development also includes restoration of Shell House and 285 George Street and will deliver 7000 sq m of retail, a revitalised Wynyard Lane and a major upgrade to Wynyard Station’s George Street entrance connecting to a grand transit hall and public concourse.

Multiplex has been contracted by Brookfield to construct Wynyard Place which has been designed by MAKE in collaboration with Architectus.

‚ÄčAt Parramatta, Walker is also in the running for the Government Property Accommodation Requirement at Parramatta Square and if successful there will only be one commercial tower remaining and this has already attracted significant interest from blue chip tenants.

This article was originally published on the Sydney Morning Herald’s Business Day. Read the original here, or follow Business Day on Facebook.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.