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The construction industry in Sydney was besotted with great difficulties in 2020, courtesy the coronavirus pandemic. However, the approval of multibillion-dollar projects in Sydney, New South Wales is expected to stave off the fears and turn over a new leaf for the industry.
The Master Builders Association said that constructing non-residential buildings will most likely decrease by 18 per cent in 2021. However, Chief Economist Shane Garett sought to ward off concerns and assured about the projects’ long-term economic sustainability.
Most of the building projects are concentrated around Sydney CBD, but some are also set for Sydney suburbia.
55 Pitt Street
A nine-storey building in the heart of the Pitt Street will be razed down to make space for a 50-storey commercial building with almost 71,000 square metre floor area.
The commercial tower, which will be built on a 45-metre podium, itself will be higher than 200 metres.
The redevelopment plan will cost A$500 million.
Market Street
Another multimillion-dollar project (A$295.5 million) will develop a 32-level multifunctional building, which will include both residential and non-residential areas.
The block where the new building will be erected, is close to Westfield shopping centre and the Sydney Tower and is owned by David Jones Properties.
The project will be designed by the architects of FJMT Studio, who won the competitive design process, thanks to their unique blueprint.
The department store on 65-67 Market Street will not be entirely torn down but will undergo a partial internal destruction for new development.
Project managers are looking forward to construct 13 one-bedroom, 56 two-bedroom, 29-three bedroom, and five four-bedroom apartments in the middle of the CBD.
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Liverpool Street
Shimao Group Holdings Limited is planning an investment of A$244.4 million on 169-183 Liverpool Street, with a primary focus on building two housing buildings near Hyde Park.
The company wants to construct a couple of skyscrapers with 35 and 37 storeys, that will replace an existing commercial tower, which will be demolished completely.
Another project worth $161.6 million on the same street (133-141 Liverpool Street) will tear down a current skyscraper to clear the path for the construction of a 234-metre tall building with 70 levels.
The building is expected to be multifunctional with open spaces, housing, and office areas.
Thomas Street
Close to the Central train station, there is a plan to erect a new 206m building with 50,000 square metres floor space.
The hybrid tower will welcome tenants from several commercial sectors, from education to tourism and employment.
For this development to take place, the current building on 187 Thomas Street would need to be completely demolished.
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Macquarie Street
A current Health Department building located at Circular Quay is likely to get a A$135.1 million facelift by developer Oakstand.
The heritage-listed building rests at a beautiful location in Sydney CBD, where the concrete meets greenery and fresh air.
The new building is expected to contain both commercial and housing space.
Epsom Road
A development plan costing $108.3 million would build 271 units sprawled across three buildings.
The project would also see the development of almost 200 parking spaces and commercial offices at the 94-104 Epsom Road.
Pitt Street, CBD
A$80.4 million will be invested to build a new 34-level hotel building together with office space.
Sydney Redevelopments 1 Pty Ltd has plans to remove the current building at premises, to make way for 304 hotel suites and other hotel amenities.
Pitt Street, Haymarket
Haymarket is believed to be the site of a A$71.6 million heritage-listed construction project, which will be concentrated on a technology community.
The project is engineered by ISPT Pty Ltd that owns the existing asset.
Central Station
Atlassian will invest a whopping A$1 billion into a new project, located next to Central Station.
The company is eyeing to build a novel 40-storey Atlassian head office that will host 4,000 staff members and should be finalised by 2025.
Martin Place
Two buildings will be built at each side of Martin Place station, where a new metro station is expected to open in 2024.
The construction of the two buildings and the underground new metro station will take place simultaneously.
Other significant projects in Sydney suburbia will include Epping, Westmead, and Melrose Park.
