More office space, good design and high-quality public places are the cornerstone of plans to supercharge growth and investment in Sydney’s CBD.
Planning and Public Spaces Minister Rob Stokes today announced the NSW Government’s in-principle support of the City of Sydney’s Central Sydney Planning Strategy.
Mr Stokes said the Strategy will guide Central Sydney’s commercial, residential and recreational future and will enable more jobs and growth while protecting the city’s iconic heritage and public spaces.
“Sydney CBD is Australia’s economic gateway to the world, generating nearly $110 billion each year. This strategy means we will deliver nearly three million square metres of new office space to ensure Sydney remains the commercial hub of the nation,” Mr Stokes said.
“The NSW Government has been working with City of Sydney Council to get the plan moving and provide much-needed certainty to industry that Sydney is open for business.”
Following negotiations between the City of Sydney Council and the NSW Government, three amendments to the Central Sydney Planning Strategy have been agreed to in-principle:
· Allow for up to 50% more floor space for development in the four tower cluster areas (near Barangaroo, Circular Quay, Central and Town Hall) that demonstrate design excellence;
· Encourage more office space in the CBD by removing the residential accommodation bonus instead of implementing a proposed 50% cap on residential accommodation; and
· Prepare a new development contributions plan to help fund the delivery of new public infrastructure to ensure the city retains its valued public and green spaces.
The in-principle agreement allows for the Council to prepare the changes to the draft Strategy and planning proposal, and place both on exhibition early in the new year.
City of Sydney Lord Mayor Clover Moore said the 20-year plan is the most comprehensive urban planning strategy for Central Sydney in 45 years.
“If we want Sydney to maintain its status as a global city and economic powerhouse, it’s vital that we balance the need for commercial floor space with residential development in the city centre,” Lord Mayor Clover Moore said.
“Central Sydney’s residents, workers and visitors are best served by collaboration between the City and the State Government. This plan strikes a balance between fostering new businesses and growth while protecting and enhancing the great public spaces that make our city unique.”