Frasers and Dexus is redeveloping Henry Deane Plaza into a large scale mixed-use development.
The NSW government has plans to develop the Central Station precinct into a new tech and innovation hub, and has given approval to the property partnership to progress to the second stage of the unsolicited proposals (USP) process.
Boldly referred to as Sydney's Silicon Valley, the project will span from the south-end of Sydney's CBD to Eveleigh and is expected to create 10,000 new jobs by 2036.
Both developers own strategic property in the area, with 14 Lee Street held by Dexus, and 20-26 Lee Street held by Frasers Property Australia, placing the developers in a favourable position to deliver the lodged proposal.
Dexus and Frasers Property have access to unique property ownership on the western side of Central that places the partnership in a unique position to deliver the proposal. The properties are held under long term leases, with 14 Lee Street held by Dexus and its Office Partner, and 20 Lee Street and 26 Lee Street held by Frasers Property Australia.
The proposal includes:
- up to 150,000 m2 of workspace 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 more than 20 million pedestrians every year
- Central Place Sydney will inject a boost to the NSW economy and underpin global competitiveness of Sydney into the future.
The project will contribute:
- More than $3 billion value add to the NSW economy each year
- Accommodate more than 10,000 jobs
- Creation of more than 700 construction jobs
- Critical servicing infrastructure to unlock future over station development
- Revitalisation of one of the busiest public realms in the CBD
Earlier this year, NSW Transport Minister Andrew Constance announced that Laing O’Rourke, with architecture firms Woods Bagot and John McAslan and Partners would be responsible for a $955 million renewal of Sydney Central.
Dexus CEO Darren Steinberg, said the mixed-use development, if approved, would include a significant commercial component and the potential for superior urban, transport and connectivity outcomes.
“It presents a unique opportunity to integrate Transport for NSW’s plans to revitalise Central Station, complementing State Government’s vision for a new technology and innovation precinct,” Steinberg said.
While the government has not yet agreed to the proposal, it has deemed the application sufficient for further progression under the USP approach.
A USP is a process where the private sector seek 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 one), detailed proposal (stage two), and Final Binding Offer (stage three).
The Henry Deane Plaza proposal has completed stage one and this week moves to stage two.