A State Government strategy to transform Parramatta Road is great news for the run down precinct and will open significant opportunities for commercial and residential development for this much maligned corridor, says the Sydney Business Chamber.

The Executive Director of the Sydney Business Chamber, Patricia Forsythe said, “The $31 billion creation of eight new villages spanning from the inner city suburbs of Camperdown and Leichhardt to the Western Sydney suburb of Granville would boost the local economy and create thousands of jobs.

"The Parramatta Road corridor has for a long time needed significant attention and has suffered from a lack of coordinated planning," Mrs Forsythe said.

The Parramatta Road Urban Transformation Strategy, developed by Urban Growth, details plans for the construction of 27,000 new homes and 50,000 new jobs in the next 50 years.

“This is an example of one of the many benefits of the WestConnex project. The road project will unlock a variety of possibilities for Parramatta Road.

Western Sydney Director of the Sydney Business Chamber David Borger, commended the Government on its strategy for the 20-kilometre corridor stretch but said with a strategy as complex as this there may be some missed opportunities.

“This is a bold new plan for the corridor however there are some missed opportunities at the Highgate precinct in Auburn,” Mr Borger said.

“Unfortunately the strategy doesn’t capture the potential for this area to become a mixed-use site and hopefully will be the subject of some refinement of the plan,” he said.