_The Transformation of Sydney Harbour

Developers active in the prime residential market are increasingly looking across the globe for ideas, inspiration, and opportunities. In our new Global Development Insight Series we are assembling a number of focussed insights which will shed light on the most important market trends. Below Knight Frank's Michelle Cieselski looks at the delivery of new infrastructure projects in Sydney and how such improvements are influencing the city's residential development sector.

May 04, 2017

Michelle Ciesielski, Director at Knight Frank comments:

"Flying into Sydney, one could easily lose count of the number of cranes along the skyline. Most are concentrated around high-density clusters, although some cranes, as well as underground tunnel boring machines, are being deployed for the multiple infrastructure projects across the city.

From the road network being built to support the future Western Sydney Airport on the periphery of Greater Sydney, through to the new Barangaroo Ferry Wharf in the Central Business District (CBD), the NSW Government is investing over $41 billion in major capital works to improve connectivity and meet the demands of a growing population.

Over the next decade, the Sydney Harbour foreshore is earmarked to be the beneficiary of an impressive array of infrastructure and super-prime residential projects, focussed around the revitalised Circular Quay and the new Barangaroo precincts, which both adjoin the Sydney Harbour foreshore to the CBD.

Connecting Circular Quay to the southern end of the city, then out towards Randwick and Kingsford, the CBD & South East Light Rail is well-underway for completion in 2019. The high-frequency electric-powered ‘turn up and go’ light rail will allow passengers to alight every four minutes. In the following year, passengers will enjoy the upgraded facilities of Circular Quay wharves before continuing onto one of the many ferry stops dotted around the harbour.

This precinct will further be enriched with the super-prime apartment project, Opera Residences (100 luxury apartments), by developers Macrolink and Landream due by 2020, and One Sydney (184 super-prime apartments), in conjunction with the five-star Wanda Vista hotel due for delivery by 2021 – both with panoramic Sydney Harbour views. This completion at the same time as AMP’s Quay Quarter, the proposed office, retail and residential development.

Three office and two residential towers are now operating at Barangaroo, as well as, retail shops and a selection of restaurants. Another 775 apartments across three residential towers, known as One Sydney Harbour, are projected to come on line by 2022 with developer Lendlease, adjoining the Crown Sydney Hotel and Casino Resort, in 2026, including 66 super-prime apartments.

Residents and visitors can now experience Barangaroo Reserve and public amenities, including first indigenous artwork. This year, transport options will extend beyond the recently completed Wynyard Walk leading to Wynyard train station, to include a dedicated Barangaroo Ferry Wharf and Barangaroo train station, which will arrive in 2024, as part of the Sydney Metro City & South West project.

Darling Harbour Live and the new International Convention Centre Sydney (ICC Sydney) now connect the city’s financial districts, creative and education hubs breathing new life into Darling Harbour. Lendlease, has included residential living in the Darling Square masterplan with the overall project due for completion in 2020.

A year later, a revitalised Sydney Opera House is due to re-open and the Art Gallery of NSW will celebrate its 150th anniversary with the completion of the Sydney Modern Project. The extension will feature pavilions opening on to the Domain and the Royal Botanic Gardens, with uninterrupted views of Sydney Harbour, and will allow more space necessary to house similar exhibitions to other galleries around Australia.

From the panoramic views from the super-prime residential towers situated on the revitalised Circular Quay, to the rejuvenation of Barangaroo, this world-class transformation of the Sydney Harbour foreshore will only further enhance Sydney’s liveability and exposure on a global platform.

For more information download our latest Australian Residential Development Review or our Chinese Developers in Australia Report. To view all the blogs in our Global Development Insight series click on the tag on the right -hand panel.