Two Sydney metro stations set for multi-billion-dollar towers
Major infrastructure and property groups, including Chinese-backed John Holland and Lendlease, are expected to team up with listed trusts to vie for the rights to develop multi-billion-dollar towers above new metro stations in Sydney’s CBD and North Sydney.
The NSW government is set to go to market seeking integrated proposals for towers that can offer retail centres, apartments and premium office space in one of the largest open tenders in the city since the Barangaroo and Darling Harbour precincts were thrown open to bidders.
The government has revealed North Sydney’s Victoria Cross and the proposed city station at Pitt St will be the focus of its efforts to replicate top offshore mass transit-oriented developments like the Hudson Yards in New York and Paddington Station on London’s Crossrail.
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A $1.9 billion office and retail development is already being undertaken above Wynyard station by Canadian group Brookfield Asset Management, and investment bank Macquarie Group has proposed two towers over the Martin Place station.
NSW Transport and Infrastructure Minister Andrew Constance says the latest projects are a once-in-a-generation opportunity to revitalise Sydney.
“These great new destinations will be integrated with their surrounding environments, moulded on what is happening on other world-class mass transit systems,” Constance says. “Sydney Metro will make it faster and easier to get around the city, but it also delivers an opportunity to create world-class destinations that will shape the city’s future.”
An artist’s impression of the new Martin Place station.
The planning process has started with integrated concept designs released for Victoria Cross and Pitt Street stations to deliver buildings consisting of office and retail space, units and community uses.
Planning for integrated station design at Crows Nest on Sydney’s north shore will start next year. The NSW government confirmed it is assessing Macquarie’s controversial unsolicited proposal for the new metro station at Martin Place that was chosen ahead of a rival plan by Dexus.
The $2 billion-plus Central Barangaroo development on Sydney Harbour will also accommodate a station and the state government is close to unveiling a consortium that includes Grocon, Chinese developer Aqualand and Westfield shopping centre-owner Scentre to deliver that project.
Listed property groups, including Mirvac and Stockland, as well as unlisted giants AMP Capital, ISPT and Cbus Property, are likely to chase parts of the new projects as they have flagged their intention to take part in major urbanisation deals.
Sydney Metro program director Rodd Staples says work on the integrated designs could start while the stations are built.
This article originally appeared on www.theaustralian.com.au/property.
