Commercial investment opportunities in new Barangaroo development
An exciting new development is heading to Sydney's waterfront, following the release of the ...
An exciting new development is heading to Sydney's waterfront, following the release of the master plan framework by the Barangaroo Delivery Authority (BDA) last week (November 5).
This could be a great opportunity for anyone interested in purchasing commercial property in the near future, as construction began on two commercial towers and the new Headland Park in Central Barangaroo earlier this year.
These three projects are on track to be finished by 2015, and the beginning of what is expected to be a $6 billion investment in the future of New South Wales.
BDA Chief Executive Officer John Tabart said the development will help to cement Sydney as one of Asia Pacific's "leading financial and tourism destinations".
"Barangaroo will be a place for Sydneysiders to work, live and enjoy the Harbour. Barangaroo will incorporate major public recreation, cultural and event spaces," said Mr Tabart in a November 5 statement.
Mr Tabat indicated that Central Barangaroo will be a new place in Sydney that will celebrate the harbour, and be used for a wide range of residential, commercial, cultural and educational purposes.
He also commented on the BDA's commitment to ensuring over half the precinct will be utilised for public and recreational spaces, claiming back the waterfront for the people after almost two centuries of port and industrial domination.
Central Barangaroo will feature 2.6 hectares of public waterfront space, including a 14 kilometre long waterfront walk which extends from Woolloomooloo to the Anzac Bridge, a new civic plaza, as well as the preservation of views from Observatory Hill out over the harbour.
Mr Tabat went on to say the goal of the project was to create a space which emphasised "a vibrant mix of residential, commercial and cultural uses at Central Barangaroo".
The master plan provides the opportunity for the area to become more active and engaging, with a greater flexibility that allows for a wide range of applications. For example, things like live music, festivals and outdoor exhibitions have all been suggested as potential uses.
Furthermore, there will be a number of amenities built in the area, which could offer great opportunities for commercial property investment in the future. With a developing cultural hub, there will be a number of shops, cafes and restaurants to utilise and enjoy in the new public space.