ASX-listed diversified property group Mirvac and construction group John Holland have been given the green light to commence construction of Sydney’s next major over-station development project, the Waterloo Metro Quarter in the city’s inner south.
The $900-million mixed-use precinct has been recognised as a state significant development.
The over-station development forms part of the broader Waterloo State Significant Precinct, a 20haarea 3km south of Sydney’s CBD that has been identified for urban renewal.
The subject site is bounded by Botany Road, Cope Street, Raglan Street and Wellington Street in Waterloo.
The project is being delivered by the joint venture partners in collaboration with the state government.
The precinct will include three towers comprising up to 69,000sq m of gross floor space—a 17-storey office building, 24-storey apartment building and a 25-storey student accommodation building.
They will sit above a shared podium, shops, community services, public plazas as well as a new fast-train stop.
Plans for the precinct, designed by Hassell in conjunction with Aileen Page Architects, Woods Bagot and Bates Smart, have been before the City of Sydney since November, 2020.
▲ Mirvac is currently in the market for an equal capital partner to co-own the office and retail properties.
In the state government’s notice of determination, NSW planning minister Rob Stokes said the transit-oriented development had been approved subject to a number of minor recommended conditions.
“The project will provide a range of benefits for the region and the state as a whole [and] strengthen the competitiveness of Sydney as an economic hub,” Stokes said.
“[This] includes 70 social housing dwellings, 435 student housing rooms, 57 full time jobs, and $105 million in capital investment and local infrastructure contributions.”
The Waterloo project, however, was not without controversy, with the City of Sydney questioning if enough social and affordable housing had been considered within the project.
Mirvac and John Holland said they would invest $20 million in contracts with First Nation-owned enterprises, and double the government’s First Nation workforce participation target to 5 per cent.
At least 5 per cent of the units in the apartment towers will be affordable housing.
Construction was originally expected to commence in early 2020 and be completed at the same time as the opening of the Sydney Metro City and Southwest line in 2024.
Construction timelines could now be pushed back due to ongoing lockdown conditions across Sydney.
Construction activity is already under way on the new Waterloo Station including fit-out work in the tunnels and the erection of three small cranes on the western footpath of Cope Street to move materials in the site.
Once realised, the station will connect with CBD metro railway stations at Martin Place, Pitt Street and Barangaroo and new metro platforms at Central.
Article Source: www.theurbandeveloper.com
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