Lendlease, Mirvac and Coombes Property Group, operating as the Metropolis Consortium, will develop a A$4bn (€2.3bn) over-station mixed use precinct in the heart of Sydney central business district as part of the masterplan for the Sydney Metro cross-city rail network, which is due for completion in 2032.
The NSW government agency, Sydney Metro, selected Lendlease to develop the tower to the west fronting George and Hunter Streets, while Mirvac and Coombes Property will build the second tower to the east facing Hunter and O’Connell Streets. Lendlease will hold the building, with an end value of A$2.2bn, on its book while Mirvac and Coombes will jointly own the second tower, valued at A$1.8bn on completion.
The precinct will service a new underground Metro station. Lendlease is also in partnership with Sydney Metro to deliver the new Hunter Street Station which will become a central nexus of the Metro West network, connecting Barangaroo, Wynyard, Hunter Street and Martin Place. Hunter Street Station is expected to see more than 15,000 people move through the station every hour in the morning peak and the busiest transport hub for the CBD.
Lendlease is expected to begin construction of the station’s main works in late 2026, with the station scheduled to open in 2032 in line with the opening of Metro West services. The over-station developments are targeted to complete following the station opening.
Tom Mackellar, CEO development, Lendlease, said: “Lendlease brings extensive experience in delivering city shaping, integrated station developments, including Metro Martin Place and Victoria Cross, and will apply that expertise to set new benchmarks for transport-led precincts with the delivery of the Hunter Street project.
“We’re looking forward to working with Sydney Metro to deliver seamlessly connected destination that integrates workplaces, retail and public spaces, creating long-term economic and social value for Sydney.”
Stuart Penklis, Mirvac’s CEO development, residential & commercial mixed use, said Mirvac and its partner Coombes Property Group planned to deliver one of the two landmark office towers, which would redefine the Sydney CBD office market and set a new standard for premium workplaces.
“Leveraging our ability to deliver premium office developments, this will be a future-focused workplace that brings together cutting-edge design, technology and environmental performance in the heart of the CBD.”
Michael Coombes, CEO, Coombes Property Group, said his group would be co-owner and co-developer of the East Over Station Development at Hunter Street alongside Mirvac, to deliver “one of the most significant city-shaping projects” in Sydney’s CBD.
He added: “The precinct will contribute meaningfully to the city – creating enduring commercial space, high-quality public amenity and a connected destination that serves the workforce and wider community.”
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