UrbanGrowth NSW Development Corporation has been given the green light for its contentious over-station development project, the Waterloo Metro Quarter in the Sydney's inner south.
The 70,0000sq m precinct, set to be built atop the new metro train station in Waterloo will yield 700 apartments across four residential towers of 29, 25, 23 and 14-storeys.
The development will also comprise about 4,000sq m of retail and 9,000sq m of commercial space, shared offices and health services.
It is part of the Waterloo State Significant Precinct, a 20-hectare area that has been identified for urban renewal—bounded by Botany Road, Cope Street, Raglan Street and Wellington Street.
Under the proposal, 6,800 new homes will be built on the predominantly government-owned land near the new Waterloo metro station, to be staged over 20 years.
NSW planning minister Rob Stokes said the final mix of homes and commercial space for the over-station development would be determined during the project's detailed design and construction phase.
“We are transforming suburbs and empty spaces across Sydney into vibrant connected communities with a mixture of homes, jobs and great public places on the doorstep of world-class public transport.”
Waterloo is one of four sites, including Martin Place and Pitt Street in Sydney's CBD, and North Sydney and Crows Nest, where large mixed-use developments will occur above metro stations on the new rail line that extends from Chatswood to Bankstown.
A joint venture of diversified property group Mirvac and construction group John Holland are understood to leading a two-horse race as the preferred bidder for the competitive tender with Sydney-based developer Aqualand the other significant bidder.
Earlier this year Oxford Properties, the real estate arm of Canadian pension fund giant OMERS, along with construction and development group Grocon picked up another over-station project—developing a 39-storey mixed-use build-to-rent tower and 39-storey commercial tower above the new Pitt Street Metro station.
Sydney's 24-hectare Central Precinct, the rail yards between Central Station and Cleveland Street, is also set for a renewal with office towers, parks, shops and potentially residential buildings being planned by the NSW government.
Construction work to build Waterloo Station is now under way, with the Sydney Metro scheduled to be delivered to Waterloo in 2024.
The government intends for the Metro Quarter residential component to be completed by 2025.