Sydney’s Wynyard Place makeover revealed
Brookfield has revealed its billion-dollar New York-style plan for Wynyard Place, with an ambition to transform the precinct into the city’s central hub, attracting major events, international retailers and thousands of pedestrians each day.
“New York’s Bryant Park is our inspiration,” Brookfield development director Carl Schibrowski told The Australian of its plans for the $1.7 billion office and retail project above Sydney’s Wynyard Station.
“It’s a key Midtown park, and it’s much loved and much used for major events … and I think we can bring our own momentum to the area.”
Stability: Rewards flow for retail, office investors
Brookfield is inching closer to turning the first sod on the major parcel, which stretches from George St to Wynyard Station, and is anchored by a 27-storey tower with more than 59,000sqm of premium-grade office space at 10 Carrington Place and a swag of restored heritage-listed office buildings, ground floor retail and a major transit hall connecting two railways lines with the broader city.
NAB has been tipped as a likely anchor tenant for the tower. Meanwhile, a leasing campaign is continuing in earnest on a suite of buildings along Carrington St as part the development, including the heritage-listed Shell Building and 285 George St.
The design includes an upgrade to Wynyard Station’s George St entrance, and a new connection to a $120 million grand transit hall and public concourse flanked by high-end retail
In a speech to the Property Council of Australia, Schibrowski outlined a plan for the precinct inspired by Bryant Park’s function in Manhattan as a popular green space and a magnet for major events and social activity.
The 3ha park at Midtown surrounded by high-rise buildings draws major events, including New York Fashion Week, Broadway performances and big functions every day, as well as community staples such as lunchtime chess, yoga and tai chi.
Together with London-based architects MAKE, Brookfield believes the slab above Wynyard Station, and linking Barangaroo with the broader CBD, could grow to function in the same way.
The design includes an upgrade to Wynyard Station’s George St entrance, and a new connection to a $120 million grand transit hall and public concourse flanked by high-end retail, including flagship stores with triple-height ceilings expected to attract some of the most high-profile retailers from around the world.
Construction will begin in early 2017, with completion scheduled for the first half of 2020.
By that stage, Sydney’s George St light rail will be complete, as will Barangaroo and respective leasing programs.
It’s a key Midtown park, and it’s much loved and much used for major events … and I think we can bring our own momentum to the area
The project comes as part of the NSW government’s unsolicited proposals process, which Brookfield entered close to five years ago with a plan for Wynyard Place.
The plan called for consolidating four buildings to deliver the station overhaul and a four-level concourse, with the project anchored by the new, premium-grade office tower.
The Wynyard redevelopment is only the fourth unsolicited proposal approved by the NSW government, the most controversial being the Crown Casino at Barangaroo. Together the four proposals are worth about $6 billion.
This article originally appeared on www.theaustralian.com.au/property.