Mirvac, John Holland win rights to build new Waterloo metro station
Property developers Mirvac and John Holland have won the rights to their first major over-station development and will construct five buildings in Sydney’s inner suburbs worth about $800 million.
The developers have beaten Chinese-backed Aqualand to build a new precinct above the new metro station in Waterloo, joining developers building a new wave of above-station towers across Sydney.
Macquarie Group is building twin towers in Martin Place, Canada’s Oxford Properties Group is developing above Pitt Street metro and Aqualand is handling the Central Barangaroo precinct.
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The NSW government said it had awarded a $299 million contract to a consortium comprising John Holland and Mirvac to deliver the new Waterloo metro station and the integrated development above it.
John Holland chief executive Joe Barr says the project is a major milestone for the company.
“This project will transform Waterloo and improve community spaces in the inner city for generations to come. Our integrated team has worked together across development, investment and complex transport infrastructure to create an urban renewal project that will make commuting easier, create jobs, and improve community facilities,” Barr says.
Mirvac chief executive Susan Lloyd-Hurwitz says the project is a “once in a generation” opportunity.
“Our vision for this precinct extends beyond the bricks and mortar; we will be a long-term investor in Waterloo and we are wholly committed to realising the potential of this site to help drive meaningful social renewal and enduring value for the broader precinct,” Lloyd-Hurwitz says.
The Waterloo Metro Quarter concept comprises five buildings, including three towers and two mid-rise buildings above and adjacent to the station.
Under the plan, at least five per cent of homes will be affordable housing and 70 apartments will be set aside for social housing.
Mirvac will seek a capital partner for a 50-50 end ownership of the office and retail components, and it will act as property manager for the office and retail components.
The project is expected to be completed around the time Sydney Metro City and Southwest opens in 2024.
This article originally appeared on www.theaustralian.com.au/property.
