A “major milestone” has been reached after the latest stage of the Midtown Precinct development in Sydney was given the green light.
Stage two of the $1.76-billion redevelopment of the former Ivanhoe Estate has been approved by the NSW government.
NSW Land and Housing Corporation said it was a “win for social housing” as the development will create 650 homes across three apartment buildings and four townhouses, including 216 of social housing.
Across eight stages of the overall development, around 3300 new homes, including 130 affordable units and 954 social homes, will be delivered.
LAHC chief executive Simon Newport said it was more than three times the number of social housing units being replaced.
“It will follow the commencement of stage one in 2020, due for completion in late 2023, which kicked off development of the first 765 new homes and supporting infrastructure, including a new road network and improvements to Lyonpark Road intersection,” he said.
“Midtown is one of Australia’s largest social housing renewals, set to become a vibrant mixed-use precinct and community, including shops, cafes, a public school and two childcare centres.
“We’re creating more social housing for Sydney, which is modern and accessible, and supported with key health, education, transport and community services.”
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The site on the corner of Herring and Epping roads at Macquarie Park is next to Macquarie University, Macquarie Shopping Centre and 500m from Northwest Metro station.
Ivanhoe Estate is the first major project proposed under the Future Directions policy, a 10-year plan to drive better outcomes for social housing tenants, and the Communities Plus program, a $22-billion building program to renew the NSW government’s social housing portfolio
The project is being delivered developers Frasers Property Australia, alongside community housing organisation Mission Australia Housing on behalf of LAHC.
Concept approvals and stage one construction were approved in 2020, after Frasers won the right to develop the Ivanhoe Estate in 2017.
However, the consortium has been faced with challenges following construction contractor Probuild collapsing in 2022.
Macquarie Park is currently a hub of big-ticket development.
Malaysian developer Eco World International planning to build a $55.5-million apartment tower, next door to Ivanhoe, while a $132-million student accommodation project has been planned and Iwan Sunito picked up a site for his $450-million luxury tower complex late last year.
Frasers Property Australia is due to commence construction at the Midtown Precinct stage two in 2023.
