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A new train station, affordable housing, the adaptive reuse of a 1912 power station and rezoning will be part of a new 77ha urban renewal precinct less than 4km from Sydney CBD.
The Bays West place strategy received support from the community, and was this week finalised, pushing the harbourside precinct into the masterplan stage.
The masterplan, to be revealed next year, will detail building heights and density as well as rezoning for the White Bay Power Station and metro sub-precinct with the remaining sub-precincts to follow.
This would be a big opportunity for developers with Sydney apartments reaching $824,860, as the the current affordable housing crisis pushing projects ahead as well as potential for additional build-to-rent projects.
There could also be opportunities for new hotels to be “developed at the White Bay Cruise Terminal to create an amazing arrival experience and capitalise on the tourist economy”.
The precinct connects with multiple developments at The Bays including the Sydney Fish Market and Blackwattle Bay.
“The success of Bays West will depend on careful consideration of key priorities for the precinct,” the consultation summary said.
“This includes balancing the need for high-quality, extensive public domain and open spaces and the desire for a vibrant precinct with world-class sustainability and the provision of affordable housing.
“We must also ensure the precinct is economically achievable.”
The Bays Station will be part of the new fast line Sydney Metro West from the CBD to Parramatta, starting at Hunter Street Station which was unveiled in early November.
The maritime and port uses would continue at Bays West as it is Sydney Harbour’s last deep water and land interface.
The Bays West Structure Plan 2040 and beyond shows clusters of higher density developments around Anzac Bridge Access Road while the port facility would be integrated with the public domain.
There were also plans to create Rozelle Parklands between the City-West Link Road and Easton Park, pushing the potential value of low-density homes in Rozelle and Lilyfield skywards.
