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Sydney-based developer Aqualand has been given the green light by the NSW Government to proceed with its proposed $5 billion Central Barangaroo living and lifestyle waterfront precinct which is set to transform the long dormant site over the next decade.
State approval paves the way for Aqualand to lodge development applications for the staged project on a 5ha site adjacent to the Crown Sydney casino which will deliver a master-planned project comprising low to medium-rise buildings that combine residential, retail, hospitality and community uses alongside a new metro entry and more than 2ha of public open space and parkland.
Subject to Aqualand securing development approval, the company says it plans to start construction later this year with the first stage expected to be completed by about 2030.
Aqualand’s managing director Jin Lin describes the project as a “critical and final piece of the city’s largest urban renewal project”.
“We are committed to creating a world-class precinct that will complement the quality of Barangaroo South and Barangaroo Reserve and elevate the completed Barangaroo precinct to a new standard of excellence,” says Lin.
When fully completed, the Central Barangaroo master plan will create more than 50 new retail destinations, which the company says will play an important role in activating the precinct with a mix of lifestyle, luxury, wellness, and food and beverage outlets.
Locals and visitors will also enjoy multiple civic spaces, greenspace and activated laneways, including a 270-metre-long, eight-metre-wide boulevard running north-south connecting Hickson Park to Nawi Cove.
Combined with Harbour Park, more than 50 per cent of Central Barangaroo will be public open spaces and parkland.
“Over the past eight years, we have listened to and worked with multiple stakeholders to get this precinct right for Sydney,” says Ian Devereux, the group head of development at Aqualand.
“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.
“Aqualand looks forward to working with government and all stakeholders to design and deliver an exceptional outcome at Central Barangaroo.”
The Central Barangaroo development is expected to generate $2.26 billion in economic activity during construction, and once completed, a further $134.1 million each year.
The project is targeted to create 12,360 jobs, both direct and indirect, during construction, and 581 jobs each year once completed.
“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,” says Tom Gellibrand, the CEO of Infrastructure NSW.
“With approval of the Modification 9 Concept Proposal now secured for Aqualand’s Central Barangaroo development, the final piece of the puzzle can proceed.
“We look forward to continuing to support Aqualand with its subsequent development proposals and are confident that alongside completion of Pier Pavilion and fit-out of the Cutaway, Central Barangaroo will increase the vitality of the entire Barangaroo precinct.”
Modification 9 refers to a planning application to amend the approved Barangaroo concept plan, for which Infrastructure NSW is the applicant.
As the developer, Aqualand prepared all the documents supporting the proposal but following public feedback, the company revised the proposal to reduce the development’s scale.
This led to the NSW Department of Planning, Housing and Infrastructure assessing the revised scheme, which has now been approved.
Most of the buildings proposed for Barangaroo Central are eight storeys high with a maximum of 10 storeys.
When completed, the development will deliver a total of 75,000sqm of residential space, 14,766sqm of retail, 15,898sqm of hotel space and 2,800sqm devoted to community and cultural activities.
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