Circular Quay’s $3.7 billion transformation
The most notable of Sydney landmarks Circular Quay, the area bounded by Opera House to the east, the bridge to the west, the harbour to the north and the city’s expanding skyline to the south, will be put through a $3.7 billion transformation.
Already buildings are being demolished and being replaced with swish offices and apartments, and work is underway putting restaurants and entertainment into the laneways.
But the most interesting part here is that taxpayers’ money is not pouring into the redevelopment – it’s all private with global development giant Lendlease, AMP Capital and China's Wanda – owned by China's richest man Wang Jianlin leading the charge.
It will see Lendlease’s $1.5 billion Circular Quay Office Tower sitting behind the Wanda One apartment and hotel development.
Lendlease's national development director David Rolls says Sydney presents a rare opportunity in Australia.
“The reality of Sydney CBD is that it is a peninsula – it's like Manhattan – so there are not too many opportunities to expand, unlike Melbourne," Mr Rolls told the Australian Financial Review.
"Rents have moved up which also makes it economical for you to think about knock-downs and new builds, and with new development the Sydney skyline will get all the benefits."
Sydney City Council's director of planning Graham Jahn is said to have played a critical role here, negotiating with the big developers and giving them more height and more floor space in exchange for more public space, more amenity and more interconnectedness. There was also a requirement for a proper design competition.
Jahn said the “unprecedented” changes in planning controls had come at no cost to ratepayers.
"Generally other cities have had to underwrite development in order to see significant development take place, but we have only used the planning controls and now we are getting metres and metres of public space," Jahn told the Australian Financial Review.
"The will also be a significant increase in retail – I can't say how incredibly different it will be."
by Leon Gettler, July 25th 2017
