Central Sydney has hit an all-time high in building activity, with property developers lodging applications for projects valued at a record $7.45 billion.
November 17th, 2015
Over the last year, developers have lodged detailed applications to construct a range of hotel, residential, retail and commercial projects totalling $5.3 billion, and this is on top of submitting applications seeking Stage 1 concept approval valued at $2.15 billion.
This $7.4 billion total is a record high for the city, and an increase of over 64% on the previous year’s record total of $4.5 billion.
Around half the new developments are planned for significant CBD projects in the city centre, while Green Square, Rosebery, Harold Park and Erskineville see a wealth of development projects as well.
The developments span across revitalised streets, lanes, small businesses locations, new public areas and parks, along with new workplace spaces and tourist accommodation areas.
“This array of projects now being considered by the City will accommodate and generate additional jobs, bringing more industries and attracting new investors to our thriving and continually improving city centre,” says Lord Mayor Clover Moore “It’s a huge vote of confidence in the governance, management and facilities provided by the City of Sydney as well as the transformative effect of the light rail project being undertaken by the NSW Government.”
City of Sydney
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