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GENERAL PROPERTY

Macquarie’s 3bn Martin Place precinct gets go ahead

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THE New South Wales government has approved Macquarie’s unsolicited proposal to design and deliver the new $3 billion integrated station development in Martin Place, which will include two office towers, a retail, dining and lifestyle hub.

The approval of Macquarie’s proposal, which was made under the Department of Premier and Cabinet’s Unsolicited Proposal process, means that Macquarie is responsible for delivery of the development by 2024.

As part of the agreement, Macquarie and Lendlease will deliver the new underground Martin Place metro station integrated with a retail and recreation precinct, two new office towers and the existing Martin Place railway station which services the Eastern Suburbs and Illawarra Line.

Sydney Metro has already commenced demolition and excavation work on the site as part of the overall construction of the Sydney Metro City & Southwest metro line, and this is independent of Macquarie’s proposal.

“We recognise that we have been entrusted by the NSW Government to deliver this once-in-a-generation opportunity for the community. We are committed to delivering a new transport-led destination that is customer-centred, inclusive and comparable with the world’s great integrated urban precincts,” Macquarie CEO Nicholas Moore said.

“Along with our project team of internationally-renowned specialists, we look forward to working with the NSW Government, the City of Sydney and Sydney Metro on delivering a major new project which will contribute to the ongoing renewal of Martin Place,” he added.

Moore said the two new office towers have been designed in line with the expectations of global employers with flexible side-core floorplates that can keep pace with evolving work practices.

One of the two new towers will combine with 50 Martin Place to form a new, consolidated global headquarters for Macquarie.

Australian Property Journal