An urban renewal project in Sydney’s inner south is poised to begin after the signing of contracts between the NSW Government and the consortium that will deliver the development.
Stockland has informed the ASX that it, along with consortium partners Link Wentworth, City West Housing and Birribee Housing, had finalised contractual negotiations to undertake the development of the Waterloo Renewal Project with Homes NSW.
The consortium won the contract in August of last year.
The project will deliver more than 3000 new homes in the inner city within walking distance of amenities and public transport, including the Waterloo Metro.
Half of those homes will be dedicated to social and affordable housing, providing more than 1000 new social homes and 600 affordable homes in the heart of Sydney.
The Waterloo Renewal Project will be one of Australia’s largest and most significant inner-city renewal initiatives and is expected to be delivered over multiple stages.
Work is anticipated to begin in 2027, subject to approvals.
The state said the project, on Gadigal land, put emphasis on cultural inclusion, improved housing outcomes and greater support for Aboriginal and Torres Strait Islander peoples.
It said Birribee Housing would lead housing allocations to ensure 20 per cent of social homes and 15 per cent of affordable homes were dedicated to Aboriginal and Torres Strait Islander residents.
“Committed to delivering thriving communities, Waterloo South will be designed with exceptional amenity and dedicated green space, including a 2ha urban park—the largest delivered in the city in recent times,” the Government said.
“To support the area’s growth, the revitalisation will deliver new community and retail spaces along George Street, improving access to everyday essentials and local services for residents.
“The new precinct is designed to support residents beyond housing, with dedicated initiatives to strengthen community connections, enhance well-being, and open pathways to skills development and employment.”
The project will progress to the next phase, including site investigations, planning approvals and ongoing community engagement, alongside staged tenant relocations that are under way.
“A core priority throughout the renewal is keeping the community together,” the state said.
“With new homes available at the Waterloo Metro Quarter, Elizabeth Street Redfern and more than 150 properties offered by City West Housing in nearby developments, current residents will be able to move into new or near-new homes within the local area.”
Homes NSW said all residents would have the right to return once the renewal is complete.
This renewal is part of the State’s $6.6-billion Building Homes for NSW program.
