[+] Clock Ticking on $25bn Parramatta River City Vision

A new train station, light rail, ferry wharf, 350m-long beach and multiple towers all on a site less than 30 minutes from the Sydney CBD. This is, in part, the vision of an unsolicited proposal-plus for the Rosehill Gardens Racecourse, a $25-billion private investment plan that triples the money spent on Barangaroo to add 45,000 homes and a riverside recreational space inspired by Brisbane’s South Bank. In fact, it has the potential to propel the Parramatta river city past Sydney harbour city with its drawcard as a three-minute economic super-hub, proponents say. The only hold-ups it seems lie with a number stakeholders who need to commit to change the land, intensify zoning and add a station on the Western Metro Line to make it feasible. Easy, right? It could be. The members of the Rosehill-Camellia Landowners Alliance—Wentworth Properties, Billbergia, Abacus and the Australian Turf Club—want to achieve just that. They are looking to the NSW Government to collaboratively deliver the masterplan and agree to a new station on an amalgamated 90ha site. The Australian Turf Club already submitted an unsolicited proposal for its 60ha site at Rosehill racecourse although it must also win approval from its own members. A further 30ha of “industrial wasteland” would be added to the precinct, converting the 1970s-era factory precinct into something special. ▲ The ‘city within a city ’ plans would activate the Parramatta River banks, replacing industrial land and generate 15,000 jobs. Billbergia director Joseph Kinsella says it has been done before. “I live in Rhodes and seeing the transformation there, it’s quite a similar story, where it was contaminated land facing the river, and much more heavily contaminated than Rosehill-Camellia,” he says. “During the past 10 or 15 years, through the fairly consolidated land ownership and partnership with government and roads, Rhodes has transformed from an industrial wasteland into an award-winning residential community. “We see that the same story could very easily play out in Camellia—but at a much larger scale. “Look at the changes that have taken place in the city of Parramatta during the past 100 years—the masterplan we need everyone to buy into is the masterplan for the next 100 years.” However, land remediation will have to be carried out by private landowners, which could add up to more $100 million, so the density needs to reach certain heights. And the alliance is also questioning the role of private cars in these developments. The Parramatta Light Rail will run through the precinct as well as, potentially, the Sydney Metro. Delete Business Western Sydney executive director David Borger says if the site in its current state is broken, fix it. “In the whole Camellia Rosehill peninsular back in the 1970s, in the heart of manufacturing, there were more than 30,000 people employed,” Borger says. “That has declined to less than 2000 so it’s one of the biggest declines of jobs in any precinct and the city has grown around it. “It’s not really working for its current use, it’s not giving back enough to the economy or community. “We think it’s time to change this—if it’s not working, change it. “The light rail in the precinct that will be operating very soon and potentially the Metro rail, are the catalysts for change and to think big. “An additional Metro Station between Sydney Olympic Park and Parramatta would be transformational “If you dropped a pin in the actual middle of Sydney, it would land on Rosehill Gardens Racecourse.” However, the Australian Turf Club has its own process to follow. “Obviously, we’re all waiting on the ATC members to make their decision about the unsolicited proposal but you have to say it’s among the most exciting projects or precincts in Sydney,” Borger says. “Racecourses take up a significant part of the land and they have a devoted following, but in growing cities, club members have to look at the value to them. “They need to look at how to improve their other courses, to keep them world class and future-proof their industry, and to understand the importance ensuring Sydney has housing supply and give our children places to live. “It can achieve all of those aims.” Billbergia has owned the former James Hardy site for the past 15 years and the team is still working with government to create “dramatic urban change” through a masterplan they can both agree on. “If not now, when? What’s the alternative? If it’s left as it is—decaying employment land which isn’t productive next to Sydney’s second CBD—it’s not going to add value,” Kinsella says “So, something needs to be done and the sooner the better, particularly if we have a problem to solve being the housing crisis. This is such a huge opportunity to help solve that issue.” ▲ If all goes to plan, the Camellia-Rosehill precinct could be delivered by 2050, unlocking the waterfront as well as homes for 100,000 people. NSW Premier Chris Minns said developing the ATC was a “once-in-a-generation opportunity” when the unsolicited proposal was announced in December. The same month, after an independent review into Sydney Metro, scoping studies for up to two potential station locations west of Sydney Olympic Park, including one at Rosehill Gardens, were announced. This year tunneling machines were relaunched at Five Dock Metro Station, reaching the halfway point on the Sydney Metro-Western Sydney Airport project. The clock is ticking on the possibility of a new station and if the landholders will finally be able to remediate the industrial land that they say is not even up to scratch for industrial tenants. There is a lot on the line. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] Clock Ticking on $25bn Parramatta River City Vision

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