Once the scaffolding has been cleared and the new developments are opened, Sydney’s western waterfront is forecast to generate $6.2 billion for the local economy, the Business Improvement District says.
Spanning seven kilometres – or the Harbour Bridge to the Anzac Bridge – starting at Walsh Bay across Barangaroo, Darling Harbour and out to the fish market and Blackwattle Bay, Sydney’s western harbour precinct attracted 79 million visits over the past 12 months, generating a retail turnover of $4.1 billion.
The BID is a not-for-profit partnership that was formed in January 2021 with seed funding from the NSW government, the City of Sydney and founding business members comprising property owners, institutions, accommodation and leisure operators.
The partnership brings together businesses and organisations across the western Sydney waterfront to maximise a projected $12 billion investment into the precinct by 2030.
In the inaugural Turnover Report compiled by the New Sydney Waterfront Company and produced with Colliers, projected increases in tourism, population growth, household consumption and planned infrastructure upgrades will see the western harbour foreshore sales comfortably climb to $4.7 billion by 2032.
We have a million square metres of new and refurbished space ready to be activated and enhanced, and we have 50 businesses already on board and committed to transforming Sydney’s waterfront togetherNew Sydney Waterfront Company CEO Jace Tyrrell
New Sydney Waterfront Company chief executive Jace Tyrrell said there is potential to achieve a mid-point forecast of $5.4 billion turnover by 2032.
“For the first time, all the stakeholders in a key city precinct have a robust performance baseline and real 10-year upside target, which we can now pursue together,” Tyrrell said.
“We have a million square metres of new and refurbished space ready to be activated and enhanced, and we have 50 businesses already on board and committed to transforming Sydney’s waterfront together.”
Tyrell said the aim of the report was to get the business community, the developers and the occupiers to “really point in the same direction” to try and co-ordinate the outcomes that can be achieved and understanding the scale of development.
The major development underway is Mirvac’s $2 billion Harbourside mixed-use precinct that will involve the demolition and rebuild of the existing shopping centre lying between the Novotel Sydney and waterfront at Darling Harbour.
The design by Oslo-based Snøhetta and Hassell Studio features a five-storey shopping centre with 87,000 square metres of gross floor area, 45,000 sq m of which will be commercial and retail space and 42,000 sq m of residential in a 166-metre-high tower with 350 apartments.
There will also be extensive public space for entertainment and recreation.
GPT and its partners are also working on the redevelopment of Cockle Bay, which sits opposite Harbourside. The plans include a $891 million landmark mixed-use tower development, new restaurants and public areas.
Sorcha True, director of strategic advisory at Colliers, said the report was based on analysis of footfall, mobility, retail spend and other data, as well as comprehensive consumer surveys.
Tyrrell added that connectivity, distinctive “live” experiences and world-class attractions are “key to the area’s transformation”.
“Lack of connectivity to and through the western harbour is one of the biggest roadblocks to increasing customer and business demand,” he said.
“Top of our list is local businesses funding a free electric ferry to cut travel times around the precinct and provide an easy hop-on service for people who work, live and visit in the area.”
Leasing is now open at the revamped Sydney Fish Market project, where the NSW government has spent $750 million to make it the largest working seafood market in the southern hemisphere.
Designed by architects 3XN, it covers 30,000 square metres, which will include 12,000 sq m of new retail space. With the increased footprint, the market expects to double its current annual visitation, welcoming approximately 6 million people from around the world to experience the epicentre of Australian seafood and fresh produce.
Sydney Fish Market chief executive Greg Dyer described it as a “one-stop-shop for Sydney food lovers”, with a butcher, bakery, greengrocer, artisanal deli, and bottle-shop on site, as well as wet seafood retailers.
“Our new state-of-the-art facilities present an opportunity to expand the market’s offerings even further and deliver a truly one-of-a-kind visitor experience,” Dyer said.
Retail Strategy Group has been appointed to develop the retail strategy and undertake the leasing of 19 new opportunities for lease, ranging from smaller tenancies to larger tenancies suitable for restaurants or a brewery.
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Source: Thanks smh.com