It’s good to see that the NSW government is investing in Sydney’s property… Central Park Sydney…
The NSW Government has announced a $6 million urban renewal project at Central Park, Sydney which will include shops, office and 1600 residential apartments, creating more than 1200 construction and 6000 ongoing jobs.
The development is the largest urban renewal project currently under way in Sydney. Plans for the park include a prominent water feature in its centre, a generous pedestrian boulevard, extensive seating and a cycle route through the centre of the park which will stretch from Balfour Street to Broadway and onto Jones Street.
The CEO of the developer, Frasers Property Australia, Stanley Quek, calls the development ‘Central Park’. He chose the name because of the site’s proximity to Central Station and Broadway but NSW’s US-born Premier Kristina Keneally says that is where the similarities with New York’s Central Park ends.
“Central Park will become one of the Sydney CBD’s iconic meeting places such as Circular Quay, Pitt Street Mall, Chinatown or Hyde Park – where people will one day be saying ‘Meet you at Central Park’,” Quek said.
The 5.8 hectare public park will redefine the southern CBD gateway and allows for the development of approximately 235,000 square metres of residential, commercial and retail space. The residential apartments are aimed to be delivered over 3 – 10 years but Ms Keneally says that there will be a significant affordable housing component to the development.
“We have an obligation to provide just over $30 million of payments to the Redfern Waterloo Authority to fulfil the formal Affordable Housing Component on that site,” Frasers’ Chief Operating Officer Nicholas Wolf said.
The longer term project is looking to be completed within 8 to 10 years. As aforementioned, proposed housing development is part of the project, and although partly aimed at affordable housing and property, astute property buyers may look at investing now.
Details of all other parts of the project are yet to be determined as Project Applications (PAs) to be lodged for each building or stage of works before construction can begin.
The redevelopment of the area and urban renewal project will have a flow on effect on prices of property in surrounding areas like Broadway, Ultimo, Glebe and Camperdown and drives prices up.
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