23 September 2008
Industry welcomes the NSW Governments decision to keep the development of Barangaroo going forward, according to Aaron Gadiel, chief executive of the Urban Taskforce.
Mr Gadiel said that the site was proposed for development in 2005 and development approval was given in 2007.
Barangaroo will create a new harbour precinct, extend the citys commercial centre and establish significant new headland park, Mr Gadiel said.
The development will boost the supply of commercial floor space in the central business district.
Barangaroo will also help preserve Sydney as the premier commercial centre in the Asia-Pacific region and rehabilitate a run-down industrial site on East Darling Harbour.
The development is critical because of the high demand for premium office space in the Sydney CBD.
There is a lack of large consolidated sites ripe for development within the existing city centre.
Global companies are chasing large office floor plates which Barangaroo has the potential to offer.
The site also has the potential to offer 100,000 square metres for residential homes.
This will inject life into the local areas and help keep the district active at night and on weekends.
The Barangaroo development will consist of 11 hectares of foreshore parkland together with a mix of commercial, tourist, retail, residential and community uses.
The Urban Taskforce is a property development industry group, representing Australias most prominent property developers and equity financiers.