This article is from the Australian Property Journal archive
THE New South Wales government will take Dexus and Frasers Property Australia’s Henry Deane Plaza Central redevelopment plans to stage two of its unsolicited proposals process (USP).
While not an approval of the proposal, the government has at least flagged its interest in furthering the concept. Stage two will involve the development of a detailed proposal for project, while would see a mixed-use development integrating transport and pedestrian access over busy Central Station.
Dexus CEO Darren Steinberg, said the development presents a “unique opportunity to integrate Transport for NSW’s plans to revitalise Central Station, complementing the State Government’s vision for a new technology and innovation precinct, stretching from Central to Eveleigh.”
Frasers Property Australia CEO Rod Fehring, added: “This solution is best created working in conjunction with Government through a USP process. Stage 1 approval enables us to commit resources and progress with a benefits analysis, precinct master planning and statutory planning process.”
Late last year, the state government revealed its plans to revamp Central Station, which would include new platforms, retail and hospitality space, and a 180-room luxury hotel. It is speculated the project could have a $3 billion price tag
A USP involves the private sector looking to secure an exclusive commercial arrangement with government to deliver a service or infrastructure that meets a community need.
The properties involved in the Dexus and Frasers Property Australia are held under long-term leases, and include 14 Lee Street, held by the Dexus Office Partnership, and 20 Lee Street and 26 Lee Street, held by Frasers Property.
After the detailed proposal stage (stage two), the final binding offer represents stage three.
Opportunities for public feedback on the proposed development scheme will be made during the public exhibition stage.
Australian Property Journal
