This article is from the Australian Property Journal archive
Two decades of uncertainty at Sydney’s Barangaroo might be at an end after the NSW government checked off developer Aqualand’s $5 billion lifestyle precinct plans, to be spread across 5.2 hectares of prized harbourfront land.
The project has been held up over the years by changing plans, public objections to building heights, and a Supreme Court battle with Crown Resorts and Lendlease over potentially blocking sightlines from their nearby projects across the harbour and to the Opera House.
Historically a shipping facilities site, it has most recently been used for pickleball courts.
Building heights at the northern part of the site have now been reduced from eight storeys to five, to protect views from Observatory Hill, while buildings on other parts of the site will rise to 10 storeys.
The precinct will ultimately comprise residential, more than 50 new retail destinations with a mix of lifestyle, luxury, wellness, and food and beverage, a hotel, and community uses including a new entry over the recently opened Barangaroo Metro station, and more than two hectares of public open space and parkland, all complementing Barangaroo South and Barangaroo Reserve. Together with Harbour Park, more than 50% of Central Barangaroo will be public open spaces and parkland.
There will be a 270-metre-long, eight-metre-wide boulevard running north-south connecting Hickson Park to Nawi Cove.
“Today’s approval enables the project to proceed and sets in process the completion of Barangaroo more than 20 years after the shipping facilities were removed,” said Ian Devereux, group head development, Aqualand.
“Over the past eight years, we have listened to and worked with multiple stakeholders to get this precinct right for Sydney.”
Aqualand will now prepare and lodge detailed development applications for the buildings and public domain. Construction is anticipated to commence in late 2025, and the first stage to be completed around 2030.
Tom Gellibrand, chief executive of Infrastructure NSW said, “the final piece of the puzzle can proceed” for Barangaroo.
“Barangaroo is one of Sydney’s most significant renewal projects in decades, transforming a once neglected and inaccessible part of the city into a dynamic cultural, residential, business and retail hub.”
According to Aqualand, Central Barangaroo generate $2.26 billion in economic activity during construction, and once completed, a further $134.1 million each year. It will create 12,360 jobs directly and indirectly during construction, and 581 direct jobs each year once completed.
The developer said it will invest over $220 million in public benefits in all, across the cultural facilities, parkland, public domain, Metro station entry and more.
“The renewal of the strategically important Barangaroo site has always been about providing greater access to Sydney’s harbour foreshore. It will create jobs and homes, enhance our cultural facilities, civic spaces and parkland, and create diverse experiences and destinations – all easily accessible by public transport,” said Minister for Planning and Public Spaces, Paul Scully said.
