Developers Dexus and Frasers Property Australia are one step closer to plans of redeveloping the Henry Deane Plaza at Sydney’s Central Station.
Frasers and Dexus plans include 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.
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.