The Urban Developer reports that Sydney is set to add a spate of new development to its iconic skyline over the coming years, boosted by a new $55 billion infrastructure and transport pipeline.
Sydney’s heated office market, tightly-held residential market and new transport infrastructure have remained major draw cards for private developers and REIT’s attempting to tap into the high-rise development boom.
The NSW government has also devoted most of its capital spending towards improved transport to address a number of inefficiencies and growing pains with the state’s population forecast to reach more than 9 million by 2027.
The affluent city, which recently saw median house prices lift back above $1 million after a sharp downturn, is currently the 29th biggest economy in the world, with its GDP at $461 billion after growing by 2.6 per cent—accounting for a third of national growth.
From the city-shaping metro, to new urban centres circling the under-construction second airport and high-rise commercial, hotel and residential offerings, the city is primed for development and growth.
By 2024, Sydney will have 31 metro stations along 66 kilometres of standalone tracks stretching from Rouse Hill in the north west, through Chatswood, under Sydney Harbour, through the city centre and on to Bankstown in the south west and Westmead in the west.
The rail network will increase the number of services across Sydney to up to 200 an hour in the busy morning peak, compared to 120 currently.
The CBD and south-west extension will cost up to $12 billion, and a further extension into the western suburbs will cost another another $10 billion, according to the pipeline.
• The new metro will be able to carry about 40,000 people per hour
• The new trains are driverless
• 18 stations currently under construction
• The first metro trains began operation in May 2019
Badgerys Creek Airport
The $5.3 billion Western Sydney Airport at Badgerys Creek, is underway with development giant Lendlease currently undertaking the major earthworks.
The 65,000sq m airport, to be known as the Nancy-Bird Walton Airport, designed by Zaha Hadid Architects and Cox Architecture, is expected to start construction in 2022 with global firm Aurecon enlisted to provide engineering design services.
The new airport, which will have a combined international and domestic terminal, is being developed in four stages with the aim of handling 10 million passengers a year when it opens in December 2026, rising to 82 million passengers by 2060.
• The project was given the go-ahead in 2016
• The project site, 50km west of the CBD, is 1,780 hectares in size
• 22m cubic metres of earth being shifted for the 3,700m runway
• When complete the airport will create 28,000 new jobs
One Barangaroo / One Sydney Harbour
ASX-listed casino giant Crown Resorts and developer Lendlease have been rapidly transforming the north-western edge of the Sydney CBD, previously known as Darling Harbour East.
ASX-listed casino operator Crown Resorts’ $2.4 billion casino, hotel and apartment tower, One Barangaroo, is quickly taking shape, due for completion in 2021.
Crown’s 72-storey development, comprising 82 apartments and a 349-room, six-star hotel, was given final approval by the NSW Planning Assessment Commission in 2016.
All three buildings, a 30-storey building comprising 210 apartments, a 72-storey residential building comprising 327 apartments and a 60-storey building comprising 297 apartments, are slated for completion in 2023.
• The precinct will be home to 3,500 residents when complete
• One Barangaroo was designed by British architects WilkinsonEyre
• One Sydney Harbour was designed by Pritzker Prize-winning architect Renzo Piano
• Crown Group has made $650 million worth of pre-sales• Lendlease has made $1.4bn worth of pre-sales
505 George Street
Coombes Property Group and joint venture partner Mirvac have plans for a 500-plus apartment skyscraper in Sydney’s CBD after submitting a stage two application to the City of Sydney late last year.
Sitting atop the Event cinemas between 505 and 523 George Street, the $1 billion super-slim skyscraper will be Sydney’s tallest residential tower.
The 4,308sq m site was acquired by Coombes Property Group in 2009 from Challenger Financial Services for $85 million.
• Designed by Ingenhoven and Architectus
• 80-storey, 270-metres tall
• 51,862sq m of residential development
• 13,441sq m of commercial and retail space
• The project is expected to take about five years to construct
The 11,200-hectare Aerotropolis site, to be located on the southern edge of the new Western Sydney Airport, will include an industrial zone of commercial, agricultural industrial and residential development.
Its primary aim is to create about 200,000 jobs by attracting new and emerging industries including aerospace and defence, agribusiness, advanced manufacturing, health care, freight and logistics.
The mega precinct will be divided into 10 precincts, with three initial precincts—the Aerotropolis Core, Northern Gateway and South Creek—identified by the government as offering the greatest growth potential.
The first precinct, the 1,055-hectare Aerotropolis Core, is set to deliver 60,000 jobs and 8,000 homes when fully-developed, while the 1,120-hectare Northern Gateway will deliver 22,500-plus jobs and 3,400 homes.
The 1,950-hectare South Creek precinct will primarily deliver public space, restaurants and cafes and community facilities, with limited residential development due to aircraft noise and flooding.
• Federal, state and local governments will invest $20 billion
• Aerotropolis to create 200,000 new jobs
• Japan multinationals Mitsubishi Heavy Industries and Sumitomo Mitsui Financial Group have signed two seperate agreements to ensure a presence in the new airport city
• University of Newcastle, University of NSW and University of Wollongong, and Western Sydney University will collaborate to provide educational institutions
The new Powerhouse Museum will be the largest museum in NSW and will have a 30-metre wide domed planetarium complete with ultra-high resolution 3D video and audio.
The project, the largest investment in arts and culture in the state since the Sydney Opera House, will also have 18,000sq m of exhibition and public spaces, compared to 15,708sq m in Ultimo.
• Designed by Moreau Kusunoki and Genton
• Two heritage buildings demolished to make way for construction
• The project will include 60 creative residential studios
Construction at Lang Walker’s $3.2 billion Parramatta Square precinct, one of the largest urban renewal projects in the country, is well under way with the project due for completion in 2022.
The three hectare city style precinct will transform the heart of Parramatta’s CBD into a vibrant, cosmopolitan, commercial and residential precinct.
The mixed-use project spans five towers across a whole city block and sits in close proximity to Parramatta Square, Parramatta Transport Interchange and Westfield Parramatta shopping centre.
• Offers 290,000sq m of A-Grade office and retail space
• Total project is now 75 per cent pre-leased
• The NSW Government has agreed to a 65,000sq m lease
• Total occupants of 23,500
A premier commercial tower, being developed at 50 Bridge Street, is currently being delivered by the AMP Capital Diversified Property Fund, AMP Capital Wholesale Office Fund.
Super fund Rest will take a $900 million stake in the tower on its completion.
Quay Quarter Tower will rise 200 metres, delivering 97,000sq m of space in total across two city blocks spanning 11,000 square metres.
The $2.7 billion project comprises five distinct glass volumes, stacked upon each other to improve views over the harbour and allow more daylight into the office floors.
Construction by Multiplex is on schedule with the tower slated for practical completion in early 2022.
Another element of the Quay Quarter precinct is the Young and Loftus mixed-use development, including the 106 Loftus Lane apartments, due to be completed in 2020.
• Designed by Danish architecture firm 3XN
• 50-storey tower
• 97,000sq m commercial space
• 5,000sq m of lifestyle, services, food and dining retail
• AMP has taken 36,5000sq m / Deloitte 32,000sq m