A consortium led by residential developer Stockland has been announced as the preferred team to deliver the Waterloo Renewal Project with Homes NSW.
One of Australia’s biggest inner-city renewal projects, it is slated to deliver more than 3000 apartments of mixed tenure, including 50 per cent social and affordable housing.
Stockland will work alongside Link Wentworth, City West Housing and Birribee Housing to create the precinct that will reinvent a 19ha parcel of land.
At least 15 per cent of the new social and affordable homes will be dedicated to First Nations people.
Stockland chief executive Tarun Gupta said the project would likely be delivered across multiple stages, commencing in 2027.
The transaction remains subject to completion of documentation and all relevant approvals.
The NSW Government announced it was increasing the allocation of social and affordable housing to 50 per cent of the project last year.
Homes NSW is renewing the Waterloo Estate to help address the housing crisis, and to give more people access to a place to call home. Existing residents will be moved out in stages with the right to return when the project is completed.
The future homes will be modern and well-designed, and replace the older social housing on the site.
About 40 to 70 years old, the current homes and facilities are nearing the end of their intended lifespan and are also increasingly difficult and expensive to maintain, according to Homes NSW.
Waterloo South covers about 65 per cent of the Waterloo Estate and is the first stage of the renewal.
The rezoning of Waterloo South was finalised in late 2022 and the planning controls are in effect that support the delivery of new social housing, affordable housing and private homes.
