City of Sydney Council has recently endorsed for exhibition a new zoning plan and planning controls for much of the city's employment lands.
The subject areas are currently zoned for either business or industrial purposes and include parts of Alexandria and Rosebery, as well as along Parramatta Road in Glebe.
The new planning controls were informed by an Employment Lands Study and a Strategy document that recommends a new zoning framework be applied to the area.
While some industrial areas will be retained for traditional industrial uses, new zones are to be introduced and/or expanded including a B6 Enterprise Corridor zone in addition to a B7 Business Park zone.
The report prepared for Council's consideration note the proposed changes to include:
According to Knight Frank’s Manager of Town Planning for Sydney, David Workman, “The proposed zoning and planning control changes are extensive and it is obviously very important to be aware of the implications on an individual property basis".
“A small change can often make a significant difference either positive or negative, particularly in terms the type of development permitted within a new zone and at what density, “Mr Workman said.
The new zoning plan or Planning Proposal is to be sent to the NSW Department of Planning & Environment with a request for a Gateway Determination, which will enable the plan to be publicly exhibited.
Knight Frank’s South Sydney Agency Director, Daniel O'Brien said, the re-zoning of certain lands currently zoned IN1 General Industrial will allow for a broader range of higher order commercial uses, than currently permitted.
“We expect the proposed zoning changes to continue to drive employment and therefore commercial development in these areas.
“The trend for older industrial style buildings, to be regenerated into funky office space will only gather more pace and as long as the current demand for this type of office accommodation remains strong, it will be a win : win for developers, tenants and occupiers and building owners,” said Mr O’Brien.
“The most recent adaptive reuse properties have leased very well, with The Cannery in Rosebery of 10,000sqm being 95 per cent leased on completion and The Woolstores of Alexandria being 55 per cent preleased prior to completion," Knight Frank’s Manager of Industrial, Brooke Railton said.