Dexus and Frasers Property have proposed a $2.5 billion development for Central Station, Sydney, which aims to “reshape the daily experience” for travellers and the community. The project will be Sydney’s most significant CBD development in over 10 years and will provide critical employment opportunities that will boost the economy in the wake of the COVID-19 crisis.
Dexus and Frasers Property’s proposal is for a circa $2.5 billion investment that will transform the western edge of Central Station.
The proposal includes:
- Up to 150,000 square metres of workspaces across two towers and a podium building, underpinning the delivery of the Sydney Innovation and Technology Precinct
- An Integrated Distribution Facility that unlocks future over-station development, facilitating the renewal of Central station
- Comprehensive public realm improvements that will redefine the experience of over 20 million pedestrians every year
“Central Place Sydney will reshape the daily experience for more than 20 million people who use Central each year with a new public realm, making it a seamless, enjoyable and vibrant experience every day,” said Frasers Property Australia CEO, Rod Fehring.
Dexus CEO, Darren Steinberg said, “This project will firmly establish Central as one of the most distinctive and lively places to work or visit in Australia and is set to rejuvenate Central as one of the key gateways to the Sydney CBD.”
Central Place Sydney will inject a boost to the NSW economy and underpin the global competitiveness of Sydney into the future.
The project will contribute:
- Over $3 billion value add to the NSW economy each year
- Accommodate over 10,000 jobs
- Creation of over 700 construction jobs
- Critical servicing infrastructure to unlock future over station development
- Revitalisation of one of the busiest public realms in the CBD
The Central Place Sydney proposal is being considered under the NSW Department of Premier and Cabinet’s USP process where an approach from the private sector seeks an exclusive commercial arrangement with government to deliver a service or infrastructure to meet a community need.
There are three stages of the USP framework – initial submission (stage 1), detailed proposal (stage 2), and Final Binding Offer (stage 3). The Central Place Sydney proposal has completed stage 2 and has moved to stage 3. Project approval will only be granted following government review and approval of the Final Binding Offer.
Central Place Sydney is committed to best practice sustainability in the built environment and designed to be economically, socially and environmentally resilient, consistent with the broader Central precinct vision for sustainability. The buildings will be powered by 100 percent renewable energy and designed to target net-zero emissions in operation.
A design competition will determine the final design of the project with designs to be revealed by the end of 2020. Community, government and stakeholder feedback was sought during the planning process and that input will contribute to the evolution of the design. The partnership welcomes ongoing input throughout the planning process.
Via Frasers Property