The developer planner drones that the development will “enhance the vitality and vibrancy of Double Bay as an important commercial centre and will help to increase housing diversity and choice”. The same gibberish!
SHARE and have a chat with others about this … Read more! ‘Ramsgate Village: Capital Hill Group bypasses council over homes plan’ January 21 2020
Capital Hill group, developers behind a plan to build a high-rise village of 200 homes in Ramsgate bypassed Georges River Council … because they can …
BECAUSE THEY CAN … Daily Telegraph Cartoon: Project Sydney: Gladys Berejiklian
… and submitted a rezoning review to transform the Ramsgate CBD – with plans for 10-storey buildings – to NSW Planning this month after Georges River Council failed to act on determining the proposal.
-the proposal was submitted to council on September 3 last year
-and rejected by the local planning panel on December 17
.the panel found it lacked strategic merit
.provided a high density development and increased population; no access to adequate public transport infrastructure
.out of context with the surrounding locality; increase the max height of 21m to 35m (10 storeys)
The development site is at 193-201 Rocky Point Road, 66-68 Ramsgate Road and 2-6 Targo Road, Ramsgate.
-a village square, 5000sq m of retail and commercial space and residential buildings housing 197 apartments ranging from six storeys to 10 storeys in height.
Of course the developer planner submitted the proposal would come with significant public benefits and infrastructure including a large new public space or plaza, community facilities, and a Coles supermarket!
-to provide for interactive public art, soft landscape, new trees, shade, community events and local markets
The most interesting thing about The Block is that it exists – or at least, existed. And no, by the Block I don’t mean the mindless renovation show where couples race to exploit the property market. I mean the oldest Indigenous urban settlement in the country, The Block, Redfern.
For almost a century the Block was synonymous with urban Aboriginal culture. A place of physical shelter, cultural identity and guaranteed refuge, it was a vibrant community hub, a centre of the civil rights movement and a magnet for Indigenous people across Australia. It was where the song-lines converged. Now, with not a dwelling upon it and yet another student-residential tower under construction, it’s hard to know if the present tense is even warranted.
Redfern may be the only Sydney neighbourhood with an international reputation. Originally a 100-acre (40-hectare) land grant by Lachlan Macquarie to surgeon William Redfern, it sits immediately south of Central Station. Twenty years ago, when we moved there, Redfern was regarded as dangerous. “Are you seriously proposing to bring up children there?” they’d say. Now it’s hipster central.
But Redfern’s fame derives not from gentrification but from its intense identification with black culture. Technically the Block isn’t actually Redfern but Darlington, part of a 95-acre land grant to William Chippendale in 1819. Nevertheless, Paul Keating’s famous 1992 apology – “the problem starts with us non-Indigenous Australians” – is known simply as the Redfern speech. Redfern and Aboriginality are one, so Redfern it is.Advertisement
Established in the 1930s when Indigenous people sought work as fettlers at Eveleigh railyards, the Block occupies just 8,000 square metres. In 1973, acknowledging the rental racism exercised against them, Gough Whitlam created the Aboriginal Housing Company and gave it the land bounded by Vine, Eveleigh, Caroline and Louis streets, and the 27 houses upon it.
Gradually, extra houses were purchased. By 1994 there were 62. Good things began to happen. In the 1980s, there was the Black Theatre, Murawina Childcare Centre and Radio Redfern, founded by Tiga Bayles with Brenda Croft. There was the Aboriginal Legal Service, the Aboriginal Medical Service and the famed Elouera “Tony Mundine” Gym. Although a handful of houses were demolished and rebuilt in 1989, the number 62 acquired talismanic status. The Block was listed on the Register of the National Estate.
But inevitably, bad things also happened. There were drugs – and widespread allegations of police drug-recycling and bribe taking, as later uncovered by the Wood Royal Commission. A few houses were burnt. Others were deliberately demolished by the AHC to prevent their being used to stash drugs. Police raids terrified the community, with dozens of armed police smashing doors in the night for the crimes of a few. In 1985, fire destroyed the Aboriginal Legal Service, including records of Aboriginal complaints against police. And there were riots.
Locals complained of 24-hour police harassment but the media seemed more interested in the Block’s high crime rate than the social and economic problems underlying it. Then in 2004, 17-year-old Thomas “TJ” Hickey died from being impaled while police chased him on his bicycle. After the ensuing riot then-opposition leader John Brogden (now head of Landcom, in a leadership so problematic the government is reportedly considering axing the entire agency) made the old mistake of presuming to solve social problems with bulldozers and called for the Block to be demolished.
Within months, planning minister Frank Sartor had declared the Block “state significant”, taking jurisdiction from the council to the Redfern Waterloo Authority. This overrode all heritage protections and rezoned most adjacent (government) land for skyscrapers, while allowing the Block only low-rise commercial development and a much-reduced number of houses – first 19, then 42.
It looked like Redfern’s Indigenous presence was being dispersed to enable Sydney’s business district – surrounded on three sides by water – to expand the only way it could: south. Sartor angrily called this a “big fat lie” but, regardless of the intention, it now seems likely to be the effect.
In 2012, the AHC proposed a six-storey student accommodation block opposite Redfern station. But by 2019, when the development was approved, this had quadrupled into a 24-storey tower housing 600 students designed by Turner Studio for Deicorp, which produced the truly hideous clump of towers crammed around Redfern’s pretty station. This is now under construction. Next comes a low-rise retail and commercial development fronting Lawson Street, plus 115 underground car spaces – despite being a stone’s throw from the train.
Finally, funded by the above, there’ll be 62 slightly grim-looking affordable units for Indigenous people. That’s the theory, although it’s unclear whether these dwellings will eventuate. Or whether, if they do, this once-tight indigenous community can ever recombobulate itself.
At the heart of this question sits AHC chief executive Mick Mundine – “Uncle Micky” – who has helmed the AHC for 45 of its 47 years. Some consider Mundine a visionary. Others, like Jenny Munro, who led a two-year tent-embassy on the Block before the Supreme Court evicted it in 2015, say the AHC “has been a closed organisation to this community for over 20 years … stacked in favour of the CEO”.
Pivotal, too, is the role of the supposedly Independent Planning Commission, which (after the ditching of the Redfern Waterloo Authority) approved the scheme. A panel of three (two lawyers and a planner with extensive mining-company board experience) were appointed by Commissioner and computer engineer Mary O’Kane. Showing zero understanding of either the city or the development before them, they focused inanely on public art, the demands of the student housing operator and the precedent of the still unbuilt 20-30 storey towers proposed behind Central Station.
No one said, how can you possibly need 600 students to subsidise 62 dwellings? No one wondered whether any Indigenous spirit could survive the onslaught of corporate profiteering. No one considered the cost to Sydney if it lost this historic presence. “They’ve effectively erased our community footprint here on the Block,” says Munro.
The development is named for Pemulwuy, who fought colonisation but was shot by whites. The tower for Col James, beloved architect and activist who died in 2013. I hope to be proved wrong, but can’t help feeling both might turn in their graves. Ten years hence we’ll be saying to our kids, “whatever happened to the Block”?
Elizabeth Farrelly is a Sydney-based columnist and author who holds a PhD in architecture and several international writing awards. She is a former editor and Sydney City Councilor. Her books include ‘Glenn Murcutt: Three Houses’, ‘Blubberland; the dangers of happiness’ and ‘Caro Was Here’, crime fiction for children (2014).
Australia’s lethargic economy has done little to dampen first homebuyers’ spirits, but saving up a deposit still remains a challenge for many.
Property prices are climbing again after the 18 month-long fall that permeated 2018 and early 2019, but more than half the nation’s aspiring property owners still plan to take the plunge in 2020.
But data from the ABS shows young house-hunters are steadily being priced out of the market as lower interest rates and easier lending criteria for banks drive more buyers into the market – bidding prices up.
For first homebuyers, saving enough to take out a mortgage can seem like an insurmountable task, but industry Industry Fund Services’ head of technical, research and advice services Craig Sankey told The New Daily that’s simply not the case.
All it takes to get onto the property ladder is discipline, planning, and a little know-how.
Make a budget (and then make another)
As with achieving mist financial goals, the first step is to set a savings goal and create a budget to help you reach it.
Ideally, homebuyers should work out exactly how much they can afford to spend on a home, then try to save a full 20 per cent deposit, which will help keep repayment and lender’s mortgage insurance costs down.
Some savers do this buy moving in with family to minimise their living costs.
For many though, this is not an option, and Mr Sankey suggested using high interest savings accounts (especially those offered by challenger ‘neobanks’ which still offer rates above 2 per cent) to supercharge their savings.
Australia’s top savings rates
The top ranked standard and conditional savings accounts in Australia
Standard savings accountsConditional savings accounts
Bank of Sydney
Southern Cross Credit Union
Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.
Easy Savings Account
First Choice Credit Union
WAW Credit Union
Source: Mozo.com.au. Data correct at 30 Jan 2020, rates shown at a balance of $10,000
For homebuyers who are happy to wait at least five years to put down a deposit, another option is to place some of their money into high growth investment products like stocks.
But with home prices on the way back up, investors need to make sure their returns are staying ahead of property prices or they could find themselves with less money then they need when the time to buy finally comes.
Savers need to factor in the additional costs – conveyancing, moving, cleaning etc. – when budgeting to buy a home too.
Forgetting these costs can quickly add up and catch buyers out.
Once you’ve bought a home your finances will change significantly, so Mr Sankey recommended creating a second budget which factors in the cost of a mortgage, to help keep your finances on track after moving in.
Seek out support
First homebuyers also have access to a range of support programs to ease the financial burden such a purchase poses.
One of the most-talked about is the First Home Super Saver (FHSS) scheme, which allows Australians to save up to $30,000 for a home deposit through their superannuation.
Under the FHSS scheme, would-be buyers can make additional contributions (up to $15,000 a year) into their super, which can be taken out to finance a home.
This will help some buyers, Mr Sankey said, as it provides “a tax-friendly environment” to grow their savings, but the small withdrawal limit means many buyers will need to make additional savings elsewhere too.
Each state and territory also has its own first home-owners grant program too, with varying benefits and eligibility criteria, which can e checked below.
This national program allows low-income and high-risk borrowers to take out a loan with as little as a 5 per cent deposit, by providing a guarantee to the banks.
Things to watch out for
Borrowers in recent months have benefitted from record low interest rates and new lending standards that make it easier to take out a mortgage.
But these two things combined mean many lenders are able to offer loans much higher than borrowers would normally have been able to afford.
Mr Sankey urged first homebuyers to consider how they would make their mortgage repayments if rates were 2 per cent higher – and use this buffer to make sure they don’t over-extend themselves financially.
Home buyers should also review their insurance arrangements – including the insurance they hold through super – to make sure they’re covered in case an accident prevents them from working.
The last thing first homebuyers need to watch out for is their own emotions.
People often fall in love with homes and choose to stretch their budgets to the limit to buy their dream home.
But a home is also an investment, and homebuyers need to think about the financial implications of their decisions.
“There’s no point in living in a place that you hate,” he said, “but it is going to have a major impact on your long term finances.”
CAAN today starts its ‘Shame File‘ … it will be created as materials surface … or reappear …
PLEASE! Before picking up the daily terror … be sceptical …
ABOUT OVERDEVELOPMENT …
Today in the Daily Terror Facebook: 31 January 2020 this spin was re-issued from the 26 January 2020.
NSW Building Approvals ranked slowest in Country
‘It was the secret report commissioned by NSW Treasury to investigate the state’s planning system. So dire were its findings, it prompted Planning Minister Rod Stokes to declare “the time is ripe for change”.’
Oh yeah … a secret report commissioned by NSW Treasury?
IN response CAAN shared a report from MACRO BUSINESS:
DAILY TELEGRAPH: Wyong Hospital rejects $15 Million Donation from Wyong Coal
AND … over the last 20 hours or so more Spin …
Green hospital turns down coal money. planet before patients!
Wyong Hospital gives multimillion-dollar donation the coal shoulder
Not enough Nurses, lengthy wait times but Wyong Hospital snubs multi million dollar donation
Wyong Hospital rejects $15 million donation from Wyong Coal
To which a Wyong Hospital board member responded:
‘taking money from a mining company was akin to “taking money from a tobacco company”.
The ‘alleged generous donation’ for $14.8M is Korean Mining Company, Kores offer to donate this sum over the mine’s 28-year life span … 28 years!
The Australian Coal Alliance is the Community Group opposing the Longwall mine proposal beneath the NSW Central Coast Water Catchment.
“WATER NOT COAL” is the slogan of the “Australian Coal Alliance”.
Prior to the 2011 State Government Elections, Barry O’Farrell attended an Australian Coal Alliance rally where he stood on a table in front of the group, the media and other local politicians, and made a promise stating that:
‘If elected, the next Liberal National Government will not allow mining here (in the Wyong catchment valleys), or in any other water catchment, sighting a common sense approach, and enforcing the promise with “No Ifs, No Buts, a Guarantee”.
And in the SMH … BARRY’s PROMISE … WATER NOT COAL
Before the 2011 state election, as opposition leader, Barry O’Farrell said a Coalition government would not approve the mine because of its impact on drinking water catchments. *
WATER NOT COAL!
That was then: Premier Barry O’Farrell in 2011 with (from left) Chris Holstein (Member for Gosford), Darren Webber (Member for Wyong), Barry O’Farrell (Premier), Alan Hayes (Australian Coal Alliance), Chris Spence (Member for The Entrance) & Chris Hartcher (Member for Terrigal & Minister for Energy).
This Coast Community News report further reveals that another anti-Wallarah 2 rally was held on the Central Coast on November 2, 2019 with around 400 people peacefully protesting outside the Council Chambers in Wyong.
It was organised by Coast Environmental Alliance (CEA) and spokesperson, Jake Cassar, said apart from the drinking water catchment, the CEA was also concerned about the natural habitat as well as Aboriginal heritage sites in the mining area.
“With deep gratitude for the efforts in the past, especially from the Australian Coal Alliance who are still very active, we need ongoing political action right now that the community can really get behind, ” Cassar said.
“We have been pushing the Liberal Party to reverse its decision and support local farmers and communities, rather than their mates in Korea. “We have also been lobbying the Greens and Labor to continue taking the fight to Parliament and oppose this terrible decision, with the spirit and dedication that is needed to get the government to reverse it.
“The Liberal Government is well aware of the threat to our community’s water supply,that’s why they promised to stop it in its tracks as an election promise, (2011) but as soon as they won the election, they bent to the South Korean government backed project and gave them the green light. ”
NOTE all the big name companies based in China! And so many more …
BEFORE the CoronaVirus what the dependence on China has meant that …
–Australians were tempted to buy very cheap products
For example, a hammer for $5 instead of $20 … never mind the inferior quality; that it fell apart and was thrown out … replaced 4 more times … imagine the build-up of landfill?
–hardware stores stopped stocking the Australian hammer
WE ought to think about this … we belong to Unions to gain a fair day’s pay … why not the factory worker, too? Pay $20; get a good quality Australian product that lasts and does not end up in landfill …
–many jobs were lost in Australia
.a very high price to pay for the Australian Society … broken relationships, homelessness, mental illness …
IT doesn’t end there … because Australia and around the World we all bought products from China that hugely increased their wealth!
In 2003 60% of China’s population was rural it is now urban, millions of Chinese are of High Net Worth, a burgeoning Middle Class … flying in and buying our real estate … that has locked out a Whole Cohort of Australians
Coronavirus outbreak tests the world’s dependence on China
China has locked down millions of people in an effort to keep a lid on the situation. Pictured, people wear face masks at Hong Kong Airport. Source: AP
As transport and businesses shut down, the world is quickly learning how much it depends on China.
UPDATED 30 JANUARY 2020
AGOBY ALEXANDRA STEVENSON
Ford and Toyota will idle some of their vast Chinese assembly plants for an extra week. Apple is rerouting supply chains. Starbucks has closed thousands of stores and is warning of a financial blow.
On Wednesday, British Airways suspended all flights to mainland China, while United Airlines and Air Canada are joining the growing number of carriers reducing service. Japan’s leaders are bracing for a possible hit. Hotels and tour operators across Asia are watching fearfully as the world’s largest source of tourism dollars tightens its borders.
The mysterious, pneumonialike coronavirus that has killed more than 100 people and sickened thousands has virtually shut down one of the world’s most important growth engines. Desperate to slow the fast-moving virus, Chinese authorities have extended the country’s national holiday to 3 February, and crippled land, rail and air transport. Entire cities have shut down.
An impoverished nation just four decades ago, China has become an essential part of the modern global industrial machine. China alone accounts for roughly one-sixth of global economic output. It is the world’s largest manufacturer and trader.
It has become so crucial to the operations of US companies that some members of the Trump Administration cite that dependence as a justification for the trade war President Donald Trump initiated two years ago against Beijing, an economic conflict that is forcing businesses to consider shifting their factories in China to countries with better relations with Washington.
Now the coronavirus is testing that dependence.
Automakers like General Motors and Nissan plan to close their factories until the week of 3 February to comply with the longer mandated holiday, while Toyota and Ford said this week that they would close some of their factories a week longer than that because of virus-related disruptions. Companies like GM, Honeywell, Facebook and Bloomberg restricted travel for employees in China and established their own self-quarantine measures.
On Tuesday, the Seattle-based coffee company Starbucks said it had closed more than half of its 4,292 stores in its second biggest market and said it would take a quarterly and full year financial hit.
The full extent of the hit to the broader business world is not yet clear. Most of China had already been shut down since at least Friday for the annual Lunar New Year holiday, a week-long nationwide hiatus. But with the outbreak showing no signs of slowing, many companies are already preparing for a longer slowdown.
“Our members are dealing with varying degrees of disruption in their businesses, including supply chain issues, temporary closings of some retail outlets and factories, and other challenges,” said Jake Parker, the senior vice president of the US-China Business Council, which represents major companies. “If travel restrictions and quarantines are expanded or the holiday extended beyond 8 February, that will amplify these problems.”
China’s importance goes beyond what it makes.Its consumers buy more cars and smartphones than anybody else.
When they go abroad, Chinese tourists spend $258 billion a year, according to the World Tourism Organisation, nearly twice what Americans spend.
Global companies were reconsidering their China strategies even before the trade war began.
Its growth is slowing, its labor costs are rising, local companies are increasingly competitive and the government has become less accommodating. Still, its skilled worker base, extensive highway and rail systems and vast consumer market make China tough to quit.
Many companies are now looking for temporary stopgaps.
Tim Cook, the chief executive of Apple, said Tuesday that the iPhone maker was looking for alternative suppliers to “make up for any expected production loss.”
Foxconn, a Taiwanese company with an extensive network of factories in China that make gadgets on behalf of Apple and others, said its factories would continue to follow the new holiday schedule.
Apple is not the only company that has had to pivot quickly. Just last week, executives of Honeywell, the US engineering company, traveled to Wuhan for a ceremony related to its plans to open an innovation headquarters.
Two days later, Wuhan was put under lockdown by authorities. Honeywell has since restricted travel to certain parts of China.
Wuhan in particular appeals to major companies because it is a major national transport hub. The auto industry, including General Motors, Honda, Nissan and many others have set up shop there, and many of their suppliers have followed. It is the home to more than one third of all French investment in China.
On Monday, PSA Group, the French automaker, said it had set up crisis communications between Wuhan and its Paris headquarters to determine the potential impact on production. The company employs about 2,000 people in Wuhan through its joint venture and was evacuating 38 expatriates.
The Swedish retail giant Ikea, which employs 14,000 people in China, said Wednesday it would temporarily close nearly half of its 30 stores in the country. Employees at the stores will be asked to stay home until further notice with paid leave.
It is not clear how quickly businesses will bounce back. During the deadly SARS outbreak 17 years ago, which began in China and killed hundreds globally, some factories paid higher wages to bring workers back and get factories humming again.
Right now, businesses do not know enough to make those kinds of plans. Cummins, the Indiana company,does not know whether it will be able to open its seven sites in Wuhan after the 3 February holiday extension because the city remains under lockdown. The facilities make fuel and power systems for rail and marine industries.
“Literally, we are evaluating on an ongoing basis in real time,” said Jon Mills, a spokesman for Cummins, “and I imagine other places are in the same position as we are.”
Businesses in other countries are also trying to determine the impact.
In Thailand, Chinese sightseers spend nearly $18 billion annually, totaling about a quarter of tourist spending.
“Chinese tourists are the number one tourists to Thailand,” said Yuthasak Supasorn, the governor of the Tourism Authority of Thailand. Yuthasak said in an interview that the government was exploring ways to compensate business owners who have lost money from the drop in tourists over the past few weeks. The government was even considering reducing parking fees for airlines and excise tax on jet fuel to lure more tourists, he said.
Anan Buates, 45, runs a business driving tourists. Chinese tourists are crucial to his business. So he grew alarmed when tour operators started making last-minute cancellations as the coronavirus emerged. Then, last week, China canceled overseas group tours.
“It’s their right and it’s their policy to prevent the spreading of the coronavirus,” Anan said. Still, he knows he faces a daunting challenge.
“We survive the whole year because they come the whole year.”
AUSTRALIA has a population increase of one person every 1 minute and 23 seconds!
AUSTRALIAN BUREAU OF STATISTICS: ABS
On 31 January 2020 at 09:15:01 AM (Canberra time), the resident population of Australia is projected to be:
This projection is based on the estimated resident population at 30 June 2019 and assumes growth since then of: one birth every 1 minute and 44 seconds,one death every 3 minutes and 17 seconds,one person arriving to live in Australia every 59 seconds,one Australian resident leaving Australia to live overseas every 1 minute and 46 seconds, leading to an overall total population increase of one person every 1 minute and 23 seconds. These assumptions are consistent with figures released in Australian Demographic Statistics, March Quarter 2019 (cat. no. 3101.0).
MACQUARIE PARK near RYDE is one of Sydney’s fastest growing areas with a major new commercial development proposed to bring thousands of jobs.
Liz Daniels said Macquarie Park is booming. The skyline has been littered with cranes.
Ryde Mayor Jerome Laxale:
‘The Council has been overseeing the transformation from an industrial park to a real ‘vibrant business district’…
YET locals have witnessed a large loss of commercial buildings in what was previously a Business and IT Park to be replaced by high-rise residential during the term of the NSW Liberal Coalition. *2011 – 2020
AND there has been so much (OVER) development, the Berejiklian Government banned new residential proposals in the Ryde Council area until July 2020 it is alleged in a bid to curb the massive (overseas) population influx …
THIS ‘pause‘ is now coinciding at January 2020 with the CoronaVirus!
YET despite the alleged BEREJIKLIAN GOVT ban on new residential proposals … on the 28 JANUARY 2020 Veteran developer Harry Triguboff made his first strata-unit site amalgamation in his 56-year career, buying out 60 owners of an apartment development in Sydney’s Macquarie Park.
This is at the 2-10 Cottonwood Crescent property, which spans a 4227sq m site, occupied by five strata buildings, and forms part of the Waterloo-Cottonwood garden precinct.
Triguboff said the site, which sits close to the Westfield shopping centre and Macquarie University is located in “the best part of Macquarie Park”.
AND Meriton’s head of acquisitions David Ritch said the company had received a number of approaches from committees acting for buildings where the 75 per cent threshold had been reached. (Strata Law Changes that force the remaining 25% to sell out!)
“We’re seriously looking for more sites’, he said … So much for the alleged ban on residential proposals.
Should one take what the NSW Government says … with a grain of salt?
IS this because HT gets what HT wants?
FROM THE 9 NEWS REPORT:
MACQUARIE EXCHANGE, a $750M business precinct and other commercial projects are not being stopped.
Mayor Laxale: ‘This is what Council has been planning for a long time. It will bring jobs for our local community. This is exactly what our residents and our businesses in Macquarie Park have been looking for. People love to work near where they live.’
The development is to consist of four commercial buildings; the tallest 16 (17) storeys. Housing a gym, childcare and hundreds of offices.
The Nine Reporter said ‘Macquarie Exchange’ will bring 7,000 new jobs to the area. The Greater Sydney Commission predicting an extra 21,000 jobs in the Ryde Council area by 2030.
WHAT JOB opportunities will there be for Australians with so many new ‘Permanent Residents’ occupying the residential apartments on site … so to speak?
HOW many of the businesses in Macquarie Park and across the Ryde LGA will be owned by the ‘new Permanent Residents’?
Macquarie Park will be home to another 51,700 residents by 2036. MP is the largest office market in the country outside the Sydney CBD …
Building is anticipated to commence in the third quarter of 2020 for Macquarie Exchange in Macquarie Park.
Healthy demand for office space in suburban Sydney is prompting a series of new projects with Singapore-backed Frasers and the private Winten Property Group winning the deal of approval for a $750 million development.
The pair are the latest to forge into the area with companies including Stockland, Dexus and the Goodman Group already sporting a major presence, and more players are getting into the area.
Their bullish approach is likely to pay off with more companies seeking to rent a space in the technology, education and commercial hub building up on the back of improved rail and road connections.
Frasers and Winten say they have received development approval for what they dubbed Australia’s first community business district, the $750 million Macquarie Exchange.
The complex, located at the entrance to Macquarie Park’s new Sydney Metro station, will be on a 15,620sqm site into 83,368sqm of gross floor area across four buildings, of between 17 and nine storeys.
Frasers Property Industrial general manager northern region, Ian Barter, says Macquarie Exchange will provide a much-needed revitalisation of Macquarie Park.
“The community business district would deliver a viable alternative to city locations, with seamless connections via the Sydney Metro Macquarie Park station,” he says.
Macquarie Exchange is approved to comprise 74,093sqm of commercial space, 5693sqm of retail including a proposed childcare centre and gym and a central park with more than 2200sqm of green space.
On completion, more than 7000 employees will work in the urban hub designed by architects Bates Smart.
The urban commercial park will provide carbon neutral energy to all buildings within the park. It is also designed to achieve a WELL Silver and Core rating, 5-Star Green Star rating from the Green Building Council of Australia and a minimum 5-Star NABERS rating.
Building is anticipated to commence in the third quarter of 2020.
Macquarie exchange set to be the new CBD of Sydney’s north with easy access through the new metro line. Picture: supplied
ONE could say it is ongoing … WHEN will it end?
WITH the …
-Herring Road Precinct
-Talavera Road with Meriton’s ‘Destination’
MACQUARIE PARK was set up as a Business and IT Park 30 years ago … sadly much of it has been demolished for residential apartment precincts for foreign buyers …
JUST as the Mayor and Ryde-wide established residents and workers are pleased to hear that a 17 storey commercial development is destined for Macquarie Park …
High-Rise Harry returns having not only gobbled up most of a block in Talavera Road but also now Cottonwood Crescent, and MERITON has received a number of approaches from committees acting for buildings where the 75 per cent threshold had been reached.
“We’re seriously looking for more sites and treating those approaches as a potential starting point” … said Meriton’s Head of Acquisitions
AS MERITON acquires more development sites this would appear to belie that of the Berejiklian Government Planning Department alleging that it will continue working with Council to complete a Master Plan for the growing area …
SHOULD not a ‘Master Plan’ have been created prior to development? OR does it continue to be a NSW Planning‘Work in Progress’ to allow developers to always get what they want?
MEANWHILE … the infrastructure deficit is impossible to fix …
The urban commercial park will also provide 100 per cent carbon neutral energy to all buildings within the park. Picture: supplied
There’s little more than roads and concrete pathways around the new METRO STATION at busy Macquarie Park
So the prospect of a cafe strip and shops has the work crew excited.
The newly approved MACQUARIE EXCHANGE includes 17 storey high commercial towers. Below green spaces, child care and bars for clock off …
MAYOR LAXALE: That will invigorate a night time economy. This is exactly the type of development we want commercial only,right on transport as opposed to all the residential we are seeing the State Government push into Macquarie Park.
JESSICA RIDLEY: Apartment giant MERITON, one of those to snatch up more land close to the Macquarie Centre and University.
But there are those flagging concerns about the rapid pace of development in Macquarie Park with a surge of new residents and office tenants. The question is will infrastructure will be able to cope?
ADAM SEARLE MP: When you are putting in significant populations of people there need to be parks, schools. There needs to be hospital services.
JESSICA RIDLEY: The Planning Department says it will continue working with Council to complete a Master Plan for the growing area.
Construction on the new Macquarie Exchange begins in a few months.
Macquarie exchange set to be the new CBD of Sydney’s north with easy access through the new metro line. Picture: Supplied: Daily Telegraph
Veteran developer Harry Triguboff has made his first strata-unit site amalgamation in his 56-year career, buying out 60 owners of an apartment development in Sydney’s Macquarie Park.
The 2-10 Cottonwood Crescent property, which spans a 4227sq m site, is occupied by five strata buildings, and forms part of the Waterloo-Cottonwood garden precinct.
Triguboff said the site, which sits close to the Westfield shopping centre and Macquarie University is located in “the best part of Macquarie Park”.
“The units will be empty in a few months and we hope to start building quickly,” the Meriton mogul said.
“The project is not too big, and the height allows for good views.”
Local planning rules allow for up to 230 apartments on the parcel and a 14-level height restriction.▲ Meriton’s latest buy at 2-10 Cottonwood Crescent Macquarie Park.
When asked, Meriton wouldn’t disclose the transaction price of its latest buy, which last sold for more than $50 million, inclusive of 14 Cottonwood Crescent, in mid-2017.
Meriton says its latest acquisition signals “the first of many” due to strata owners able to sell a building with at least 75 per cent of owners in agreement.
“We’re going a step further than that,” Triguboff said, “and prefer to buy only if all owners agree to sell”.
“We’re not here to force sales by reluctant owners.”
Meriton’s head of acquisitions David Ritch said the company had received a number of approaches from committees acting for buildings where the 75 per cent threshold had been reached.
“We’re seriously looking for more sites and treating those approaches as a potential starting point.”▲ Meriton’s plans for 112 Talavera Road Macquarie Park were initially rejected.
Property giants vying to expand their projects in suburban Sydney include the likes of Singapore-backed Frasers Property Industrial and Winten Property Group, who were this month green-lit for the Macquarie Exchange, a $750 million development project in the local central business district.