$2.5 BILLION PLAN FOR TWO TOWERS AT SYDNEY’S CENTRAL STATION HAS REACHED THE FINAL STAGE OF PLANNING APPROVALS
As the Government do all they can to keep the Construction sector on track during the current economic downturn, the green light to progress $2.5 billion plans for two towers at Sydney’s Central Station has reached the final stage of planning approvals.
The fast-track process for development applications was recently agreed upon in NSW with the purpose of boosting the economy and this new precinct is likely to contribute 10,000 jobs and more than $3 billion annually to the NSW economy.
The significant development will be led by property giants Dexus and Frasers and is set to deliver over 150,000sqm of workspace across the two towers and podium as well as creating a revitalised and vibrant public space.
Frasers Property Australia chief executive Rod Fehring says: “Central Place Sydney will reshape the daily experience for more than 20 million people who use Central each year with a new public realm, making it a seamless, enjoyable, and vibrant experience every day.”
The original application was entered as part of the Governments ‘Unsolicited proposals’ process, and with Dexus holding long-term leasehold rights on the current site, it will have eased the decision to allow the partnership to develop the site and adding value to the whole experience of Central Station and surrounds.
The Berejiklian government is targeting tech companies globally to move into the area to take up 250,000sqm of office space in the precinct as well as 50,000sqm for start-ups and early-stage companies. The development of the surrounding area is being led by home-grown software company Atlassian, which is developing a neighbouring $1bn tower.
Dexus and Frasers will now await the Final project approval will only be granted following government review and approval of a final binding offer.