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Macquarie Group has inked a deal with the NSW government to develop two towers above Sydney’s Martin Place as part of the Martin Place integrated station development.
Macquarie, along with construction partner Lendlease, will deliver the new underground Martin Place station integrated with a retail and recreational precinct, two new office towers and the existing Martin Place railway station.
The controversial deal was put forward by Macquarie as part of an unsolicited proposal in 2017 and, despite objections from neighbours GPT Group and Dexus, won government approval in March.
The government is billing the deal as a win for taxpayers with Macquarie paying $355 million for the air rights above the new metro station.
Macquarie will spend an added $637 million on the construction and delivery of the two Grimshaw and Johnson Pilton Walker-designed towers as part of the over-station development.
The cost of the Martin Place rail station is $378.6 million.
Related: Sydney’s Lord Mayor Slams Government Support of Martin Place Proposal
Minister for Transport and Infrastructure Andrew Constance confirmed the plan on Wednesday and said it was Sydney’s first integrated metro station development.
“As part of our plan to improve public transport, new metro rail will help give people more choice on how they get around Sydney,” Constance said.
“With the new Martin Place Station, customers in the heart of Sydney’s CBD will have access to an unprecedented level of public transport and will be more connected than ever before.”
In separate statements, both Macquarie Group and Andrew Constance referenced Hong Kong's International Finance Centre and New York's World Trade Centre station as design precedents.
Related: Macquarie’s Metro Martin Place Proposal Gains Key Approval
“We recognise that we have been entrusted by the NSW Government to deliver this once-in-a-generation opportunity for the community,” Macquarie chief executive Nicholas Moore said.
“As a long-time resident, Macquarie understands and respects the historic, cultural and civic significance of Martin Place.”
Demolition and excavation work has already commenced on the site as part of the overall construction of the Sydney Metro City and Southwest metro line.
The Sydney Metro City and Southwest project will cost between $11.5 billion and $12.5 billion, and is independent of Macquarie's proposal.
The six-year timeline for the project will mean that Macquarie is responsible for the delivery of the development by 2024.
