$300m Circular Quay development moves forward
The New South Wales government has granted the go-ahead for a $300 million Circular Quay makeover, rejuvenating the iconic waterfront area.
According to a Fairfax Media report yesterday (October 19), the green light has been given to the final stage of the East Circular Quay redevelopment, which comprises a "world-class" residential property tower.
The multimillion-dollar property development may attract the interest of property investors, with the proposed serviced apartments and upmarket real estate in the area likely to command high rents and profitable returns for owners.
As part of the project, the former Coca-Cola headquarters at 71-79 Macquarie Street will be demolished to make way for the new 19-storey tower which will adjoin the Pullman Quay Grand Sydney Harbour hotel.
"This $300 million project will revitalise an important part of Circular Quay, significantly improving this landmark Sydney space for residents and visitors alike," AMP Capital managing director of office and industrial property Louise Mason explained.
The waterfront development will also include the expansion of existing pedestrian areas from Circular Quay to the Royal Botanic Gardens, as well as new walkways to Sydney's shopping and restaurant districts.