Plans finally revealed for multi-billion dollar Waterloo redevelopment
Private developers are expected to play a major role in the proposed multi-billion dollar redevelopment of Waterloo Estate, a public housing precinct located between Redfern and Green Square in inner-Sydney.
The ambitious but slow-moving project has now taken another step forward after months of delays with the state government finally releasing what it hopes will be the final version of its masterplan.
It’s been a contentious process. The state government, which owns most of the area through the NSW Land and Housing Corporation, and City of Sydney have been at loggerheads on how best to develop the site, covered in ageing public social housing.
Former planning minister Rob Stokes promised last June to deliver a compromise, now revealed by his successor in the portfolio Anthony Roberts eight months after the initial commitment was made.
Under the new plans for stage one, Waterloo South, there will be more than 3000 dwellings with the number of high-rise residential towers boosted from three to four, significantly increasing site density.
Most of the other buildings will be around 8-storeys with more than 35 per cent of the development, covering seven urban blocks, allocated to 847 social and 227 affordable housing dwellings.
The rest will be sold to developers who will help fund the social and affordable housing through special levies.
It’s similar to the strategy adopted by the state government in nearby Green Square, a $13 billion urban regeneration project a few hundred metres away, and the $900 million over station development by Mirvac and John Holland at the Waterloo Metro station.
If approved in its present form, the 10.6 hectare site will yield gross floor area of 255,000 square metres, which at present rates of $4000 per square would have a total land value of more than $1 billion.
With prices for apartments in Green Square costing from $725,000 for a one-bedder, and averaging more than $1 million, local agents estimate Waterloo South would have a gross development value of $2 billion or more.
Mr Roberts said the delays in releasing the plan were due to several “technical studies” and acknowledged resident concerns about the lengthy process, now in its third year with no resolution.
“The community has shown immense patience, particularly when it comes to something as important as the roof over their head,” Mr Roberts said.
“This proposal reflects the combined needs put forward by the City of Sydney, NSW Land and Housing Corporation and an independent advisory group.
“If approved the Waterloo South development will provide a vital refresh for tired social housing as well as thousands of new inner-city homes plus more than two hectares of public open space.”
The Waterloo South planning proposal will be on public display until April 29 before it is finalised later this year.
