New South Wales is rebuilding the Sydney Waterfront waterfront into a banking, commerce and residential centre that will generate $1.1 billion annually for the city’s economy. The public-private partnership will construct 3.3 million square feet of office space, restaurants, shops, apartments and public space along Sydney Harbour. Barangaroo is designed to be Australia’s first carbon-neutral community.
Results & Impact
Barangaroo is expected to accommodate 23,000 workers and residents, host 12 million visitors a year and generate $1.1 billion annually for the New South Wales economy. Construction is due to finish in 2024
New South Wales government, Lendlease Engineering
The New South Wales government partnered with engineering firm LendLease to co-finance and build what is essentially a small town. The engineering firm was granted a 99-year leasehold for the waterfront
Cost & Value
Barangaroo will generate $1.1 billion annually for Sydney's economy
Running since 2012
Sydney has partnered with an engineering firm to build a $4.5 billion waterfront that is expected to generate $1.1 billion each year for the city’s economy.
The enormous public-private partnership is building 3.3 million square feet of office space, a casino, restaurants and shops, a hotel, apartments and an extended transport system along Sydney Harbour. Once complete, the Barangaroo project will accommodate more than 23,000 residents and workers and host an estimated 12 million visitors a year. It is due to be finished in 2024.
The New South Wales government partnered with engineering firm Lendlease, which was granted a 99-year leasehold for the office towers. The towers are expected to satisfy 40% of the city’s predicted demand for office space over the next decade and become Sydney’s new global banking centre, home to financial services firms like Westpac Group and Swiss Re.
Billed as an “extension of the city”, half of Barangaroo will be public space, including a landscaped park with bush walks, tidal pools, 70,000 shrubs and 700 trees. A sandstone waterfront promenade will stretch along two kilometres of the harbour.
The development is divided into three areas: the Barangaroo Reserve, featuring a six-hectare park; Barangaroo South, the economic hub; and Central Barangaroo, the cultural and civic focal point.
The project is expected to create 3,000 on-site and 6,000 off-site construction jobs during peak development. It will provide employment and training opportunities through a labour programme for indigenous workers, the long-term unemployed and young people.
Barangaroo is designed to be Australia’s first carbon neutral community. It will promote sustainability by recycling water, reusing waste and employing smart infrastructure, like harbour cooling, to preserve energy. Because of its integration into the city’s public transit system, only four per cent of people coming to Barangaroo are expected to arrive by car.
Prior to development, the area was a vacant 22-hectare vacant container wharf. The project is the result of an urban design competition in 2005 and was chosen by the jury because of its “unique vision for completing the western edge of the city.”
Critics argue that the project has expanded far beyond its original remit and that by going upmarket it has neglected the interests of the community. For example, only 2.5% of the housing has been reserved for key workers, while the city had originally considered 10% a minimum.
(Picture credit: Barangaroo)