Mirvac has broken ground on its 526-apartment St Leonards Square mixed-use project with Mirvac's CEO stating the success of the project hangs on availability of public transport.
Mirvac CEO and Managing Director, Susan Lloyd-Hurwitz, together with NSW Transport and Infrastructure Minister, Andrew Constance, both credited the coming Sydney Metro as critical to housing growth and business opportunity. The ground breaking ceremony flags a two-year construction timetable.
Ms Lloyd-Hurwitz said many purchasers at St Leonards Square, which will feature 526 apartments, and around 7,500 sqm of commercial and ground floor retail space for cafes and a supermarket, had been motivated by the prospect of a new Sydney Metro station at Crows Nest, just 150 metres away and expected to be operational from 2024.
In her speech at the ceremony, Ms Lloyd-Hurwitz touched on affordability before quickly diverting instead to "liveability".
"I have spoken a lot lately about affordability. It is the hot button issue of the moment and one on which we are working collaboratively with all levels of government to help make a difference. But there’s another quality that we at Mirvac strive to achieve in every project we undertake. Liveability. As Sydney’s population grows and the way we live and work changes, our quality of life is increasingly determined by the way we move about our city.
“The success of this urban renewal process is dependent on good public transport and while there is an existing rail station at St Leonards that links to Chatswood and the CBD, the arrival of the Sydney Metro with the Crows Nest station not only meets future demand but elevates mobility and accessibility to a new level."
NSW Transport and Infrastructure Minister Andrew Constance said Sydney Metro was a strong investment.
“Sydney Metro is a game changer for NSW, creating unprecedented capacity to get people moving,” said Mr Constance. “This government is investing record amounts of money into public transport because for too long Sydney was grinding to a halt.
“Today we see one example of what happens when governments invest in the future – it triggers growth in housing to accommodate a growing Sydney. It’s also a catalyst for new business opportunities and jobs.
“It’s terrific to see the tangible benefits new transport can deliver and it’s a sight we’ll no doubt see replicated across Sydney as even more investment occurs.”
Ms Lloyd-Hurwitz said the market response to St Leonards Square was very pleasing with over 70 per cent of the two towers sold on the first day of their respective launches last year and total sales currently exceeding 90 per cent.
“We felt confident that St Leonards Square would meet the needs of discerning purchasers, despite the very competitive environment with competing projects nearby.”
St Leonards Square is scheduled for completion in the second half of 2019.