The past 11 months will go down as some of the busiest in Sydney for construction and, judging by all the reports and data, 2016 will be just as hectic.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
With cranes dotting the skyline, it feels like a decade ago in the years leading to the 2000 Sydney Olympics.
According to the City of Sydney, central Sydney has hit an all-time high in building activity, with developers lodging development applications and concept plans for projects valued at a record $7.45 billion.
AMP Capital is leading the charge with its $1 billion Circular Quay revamp, while around the corner Lendlease is now welcoming tenants to its international towers. Last week the group topped off Tower 3 and will soon do the same for the remaining skyscraper.
AMP Capital has received Stage 2 Development Application (DA) approval for its landmark Quay Quarter Sydney precinct in Circular Quay that will include the new 49-floor premium commercial office Quay Quarter Tower at 50 Bridge Street in addition to three new mixed-use buildings: 9-17 Young Street, 2-10 Loftus Street and 16-20 Loftus Street.
The area is also being viewed as the next potential tech hub with companies such as Stone & Chalk already in 50 Bridge Street.
Target tenants for the Young & Loftus commercial space, being about 3500 square metres at 9-17 Young Street, will be boutique-style professional services, tech start-ups and creative industries.
According to Colliers International, smaller tenants, looking for sub-1000 square metres, overwhelmingly want to be in CBD locations versus metro. This is particularly true of sectors such as business services, communications, information technology and property services.
Throughout the city and fringe areas, tech groups are lining up. Internet group Google has looked at the Brookfield Property Partners' Wynyard Place, but has now said its preference is the White Bay power station in Balmain.
The architect for 9-17 Young Street, SJB, has described the boutique commercial space within the property as having flexible floor layouts, with all services consolidated within a central core and achieving floor depths that allow for daylight to all spaces.
AMP Capital managing director office & industrial Louise Mason said the Stage 2 DA approval for Quay Quarter Sydney was a milestone for the project, "as we continue to work towards the next steps, with construction earmarked to commence in 2018".
Together with 3XN, master-plan architect for the precinct and architect for Quay Quarter Tower, this will create an important injection of architectural character into the city, making Quay Quarter Sydney one of the city's most architecturally diverse precincts.
Five laneways will also be created including the reinstatement of Goldsbrough Lane, an east-west link between Phillip and Young Streets, providing a new public walkway with views towards the surrounding heritage buildings including the Police and Justice Museum, Customs House and Hinchcliff House.
"The two office towers in the Bridge and Alfred block will include premium office accommodation with innovative workplaces to suit forward-thinking global businesses, whilst the Young and Loftus site will be a boutique-style development with smaller-scale buildings to house 'fine-grain' retail and dining, boutique commercial office accommodation and residential apartments," Ms Mason said.
"In the heart of the CBD, Quay Quarter Sydney is set to be the city's newest neighbourhood, revitalising AMP's landmark site into a vibrant destination, with activated streets and laneways, new diverse retail offer, residential and state-of-the-art office accommodation."
The tower at 50 Bridge Street is jointly owned by investors in the AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund.
