A one-day deep dive on office, retail, healthcare, childcare and alternative sectors
UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
Resources
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
Private developer Toga has progressed with its Western Gateway Development lodged under New South Wales' unsolicited proposal process, with plans to redevelop its key sites in the Sydney Central Station precinct.
Known as the Western Gateway Development, Toga plans to redevelop The Adina Hotel Sydney Central and Henry Deane Plaza located at Lee Street, into commercial and retail development which would include around 250 hotel rooms.
While the state government has “not agreed to the proposal”, a New South Wales spokesperson said the proposal “is of sufficient interest to warrant further development and progression to a more defined project”.
Toga seeks to convert its current long term ground leases over the sites, owned by Rail Corp, to freehold title, reveals the stage two unsolicited proposal documents.
The state government first announced plans to transform the southern end of Sydney’s CBD into a tech and innovation hub, spanning a 24-hectare precinct of government-owned land, in 2018.
The precinct covers a corridor of land that runs between Goulburn and Cleveland Streets, with Central station located at its core.
Australia’s largest tech company Atlassian is set to anchor a 35-storey skyscraper above the new hub next to Sydney’s Central Station.
Toga’s unsolicited bid aims integrate the Harry Deane Plaza with Transport New South Wales plans for Central station, within the tech-precinct.
“Integrating Harry Deane Plaza with the surrounding Central Station precinct may realise superior urban, transport and connectivity outcome,” the Western Gateway proposal notes.
A steering committee and an assessment panel have been established to oversee Toga’s proposal. It will make a recommendation on whether the project will proceed to stage three.
Toga says it will ensure the conservation of the heritage listed parcel post building, which is the Adina Hotel site.
A financial analysis of Toga’s proposal will now be completed.
Toga is still required to obtain all relevant planning and environmental approvals which is a separate process to the unsolicited proposal process.
