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A $3 billion project set to transform Sydney’s southern CBD has been granted development application approval by the local council, adding fresh shoots to a bourgeoning tech precinct in the works around Central Station.
The green light for Central Place Sydney, a joint venture between Frasers Property Australia and Dexus (ASX: DXS), represents another milestone towards the public-private Tech Central district vision, where the adjacent site is already in construction for Atlassian's Australian Headquarters.
Dexus also has a hand in the Atlassian project and is expected to have a majority stake upon its completion. In Central Place Sydney, the Dexus Office Partnership has a 50 per cent stake, split evenly between the Dexus group and an undisclosed office partner.
"We are incredibly pleased to have received Development Approval, allowing us to further progress the project," says Central Place Sydney project director Kimberley Jackson.
"Our development has been designed to create a place where work and lifestyle can blend seamlessly, create an exciting new destination for Sydney and leverage what is already on offer as a thriving tech and innovation neighbourhood emerges."
Construction is expected to commence next year if final stage approvals are given by the NSW Government, in which case the first stage of the project would be delivered in 2027.
Central Place Sydney will introduce more than 130,000 square metres of commercial floor space to the surrounding area, offering the largest Premium-grade workplace available in Tech Central. The buildings boast world-leading sustainable design in a location with unrivalled connectivity and direct transport links to Sydney and surrounds.
The building design features two towers expressed as three forms - 35 and 37 levels of commercial office and an 8-storey low-rise building, The Connector, enlivening the precinct at street level. Central Place Sydney is also within walking distance of two globally recognised universities, more than 100 research institutions and is surrounded by some of the city’s most distinct and character-rich neighbourhoods.
"Central Place Sydney will set the benchmark in sustainability for commercial developments of this scale in Australia. The building will feature workplace environments that integrate nature, maximise daylight, has provisions for natural ventilation, and is supported by renewable energy to achieve our net zero emissions in operations target," Jackson adds.
"We are working with start-ups and neighbouring universities to explore innovations in technology and circular economy, all intended to support the development ambitions for carbon reduction and provide the best possible workplace experience for tenants and customers."
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