This article is from the Australian Property Journal archive
THE New South Wales government has approved Macquarie’s unsolicited $637 million proposal for a new integrated transport, dining and retail hub above Martin Place’s new railway station.
Located between Castlereagh and Elizabeth streets, Macquarie will develop two commercial office buildings integrated with the previously approved Martin Place metro station.
The Department of Planning and Environment’s Deputy Secretary for Planning Services, Marcus Ray, said the integrated station project would provide a new transport hub and generate more than 10,000 new jobs in the Sydney CBD.
“The state significant development proposal is estimated to have a capital investment value of $637 million. It will also create 8,500 new employment opportunities and 1,900 construction jobs,” he added.
Government Architect of NSW Peter Poulet said this development highlights the catalytic role played by strategic government investment in a new metro line and in the future success of Sydney as a global city.
Macquarie’s application received a mix reception, with three submissions supporting the proposal, three objections and one raised general comments.
Issues raised during the exhibition period included consistency with the character of the area as well as solar access, wind impacts, heritage, visual impacts and the size of the buildings.
The Department of Planning and Environment’s assessment carefully considered the issues raised in submissions and recommended that the proposal be supported subject to strict conditions. The conditions relate to sun access to Hyde Park and Martin Place, wind impacts, detailed building design guidelines, environmental performance and design excellence.
The next step in the development process is for Macquarie to seek approval of the detailed design of both buildings through stage 2 state significant development applications.
Australian Property Journal
