Hi, Was networking with some people last night and apparently the reason why the staff in the CBA office in Parramatta are moving to Redfern (new business district) is apparently due to running out of desks and space!? Currently, CBA has two office buildings in George Street and it's that bad that some staff have to share a desk with one another and some others given permission to work from home. I have yet to see the Flying Dutchman, so not too sure how reliable this information may be.
I'd say they got a deal they couldn't refuse at Redfern to move everyone there. Modernize and bring life to an area and watch the value of the real estate rise. Just like they did at Olympic Park.
Might bode well for the rental market in Redfern, City South, Newtown, Camperdown, Alexandria etc....even the western fringe of the Eastern suburbs. Hopefully as I have some IPs there!
Not true - it's simply that the leases were running out and CBA took an opportunity when ATP came up for development (Mirvac?) Costs the bank a truckload to run shuttle busses between SOP, Parra and the city. Also hard to get to SOP for most commuters (car is really the only viable option). Redfern is much easier to get to.
I am so happy I bought an IP at the border of Redfern, Darlington and Chippendale... I was hoping at the time to buy a 2 bedroom apartment in Parramatta (because I was working for CBA at Parramatta... so I thought, why not?) but it was crazily booming, prices sky high... So instead I went for a 1 bedder near the city. The one I ended up buying would be a 10 minute walk to ATP and has been a performer from the word go.... its a low rise walkup building purchased just 1 year ago... not old, not overly new... just right! And not for a stupid price either. Feel like I hit a jackpot.
Agreed. In fact, it costs CBA money for their employees to travel between SOP, Parra and city for meeting. All the time wasted in travelling between sites (the bad traffic between those sites doesn't help at all). CBA is better off centralising them at Redfern, as it is close enough to city offices such as Darling Park and Martin Place. I used to to go SOP for meetings and absolutely hated it. It is middle of nowhere, expensive parking and even though there are trains, it doesn't suit me at all living at northern Sydney.
Don't forget that CBA also runs regular buses from Strathfield station to the SOP Campus too! So along with intercampus buses, there are all the Strathfield - SOP buses as well. I believe they also run buses to the shops etc too from SOP... so there's quite a few other services being run. Plus, when looking for a job, if it was located at SOP it immediately got classified as a negative factor for me.
I settled on buying a terrace house in Alexandria right next to ATP 10 years ago. It was a bit unfortunate because I was really trying to buy a house in Parramatta park in Cairns But ended up going with the little house in Alexandria that had been passed in at auction and no one wanted... Fast forward 10 years and I wonder where I would be if I purchased in Cairns rather than Alexandria!
Hehe. Mine was a failed to sell at auction purchase too! But huge congrats on the terrace. And on the other hand, I have an ex colleague who had an apartment in Redfern for a few years but then sold about 5 years ago.... i.e. before Redfern really became trendy... he came to regret that sale later on!
CBA at Darling Harbour 'hot desk'. Lots of companies do. I know half a dozen people who work there. So it's first in, best desk. Not everyone likes it, but some like the daily change.
