Dexus, Frasers approved to develop $2.5b office project at Sydney’s Central Station
Joint venture partners Dexus and Frasers Property Australia have won approval to build a $2.5 billion commercial complex beside Sydney’s Central Station.
With this, the two-tower office proposal moves to the third stage of the NSW government’s Unsolicited Proposal (USP) process.
As recently as this month the administration said it intends to use this fast-track planning application system, which it said cuts red tape, to keep the construction industry moving during what is expected to be a global economic downturn following the COVID-19 epidemic.
Crown Resorts’ $2.2 billion Barangaroo redevelopment, approved when the company was under the control of James Packer, followed a USP submission.
Dexus and Frasers Central Station project
Dexus and FPA’s Central Station proposal aims to add about 150,000 square metres of office area in towers rising between c30-35 storeys.
The structures will sit atop a podium at Henry Deane Plaza.
The project covers two sites abutting train tracks, about 100 metres south of Central Station’s Eddy Avenue entrance.
Dexus Office Partnership controls 14-18 Lee Street via a long-term lease with the state government expiring in 2099.
FPA owns the neighbouring 20 and 26 Lee Street.
The pair would pay for infrastructure works as part of their $2.5 billion rejuvenation – a concept put forward in 2018 (story continues below).
Central Station hub marketed as Sydney’s Silicon Valley
The sites act as the western gateway for a 24 hectare precinct branded by city planners as Central Station Tech Hub.
With its focus on attracting IT-based businesses, marketers call it Sydney’s Silicon Valley.
The district extends from the train station to Eveleigh and Mirvac’s Australian Technology Park.
Atlassian is set to occupy an office in the pocket – an uber environmentally friendly timber and concrete structure of about 40 storeys at 8-10 Lee Street.
Google, which is headquartered locally at nearby Pyrmont, was also speculated to have shown an interest in expanding in the area (at ATP).
All up it is anticipated the precinct will contain about 250,000 sqm of traditional office space.
Another 50,000 sqm, specifically for start-up companies, is also mooted.
Hospitality group Toga is proposing a luxury mixed-use tower with residences and offices on the site of the Adina Hotel in the precinct.
Dexus chief executive officer and managing director Darren Steinberg said its project with FPA “will reshape the daily experience for more than 20 million people who use Central each year”.
