$1bn Sydney CBD Developments Moving Ahead Of Schedule

 Some of the largest development projects to take place in Sydney’s CBD are finally being brought to fruition as Dalian Wanda Group, Lend Lease and Visionary Investment Group refine their development plans.

The developers have huge plans for Sydney’s CBD, with the $1 billion dollar Circular Quay redevelopment being pushed to go ahead sooner rather than later.

The project encompasses all three of the developer’s major projects within the precinct and Dalian Wanda Group is calling for a joint master plan for the overhaul of the entire precinct.

However, the request looks to be falling on deaf ears as they forge ahead with their $420 million project on the Gold Fields House site without the help of other major landholders Lend Lease and Mirvac.

A spokesperson from Wanda told the Sydney Morning Herald that the group intends to develop a mixed-use development including a five-star hotel, luxury residential properties and retail outlets. The group is currently in talks with the City of Sydney Council about its development plans.

"We look forward to creating a new Sydney landmark," a representative from Dalian Wanda Group said.

Behind Wanda’s Gold Field House development, Lend Lease’s 52 level office tower which will feature a public square, bars and restaurants is set to become another new feature of the Sydney CBD.

Lend Lease Chief Executive, Steve McCann told The Australian that he was unsure of the plans of other developers but is not vexed about what they plan to do with the precinct.

“We’ve got a great design of a commercial tower which has got a big public park component which is something that the City of Sydney has been focused on from the beginning,” Mr McCann said.

Another Sydney block further south bounded by Castlereagh, Pitt, Bathurst and Liverpool streets will be redeveloped by Visionary Investment Group who plans to resurrect a luxury residential tower as well as a hotel and commercial space.

VIG also plans to take AXF Group’s 241 Castlereagh Street building and revamp ANZAC house as a part of the project.