Sydney’s Multibillion-Dollar City Transformation Revealed

The City of Sydney Council has revealed its draft Budget for the year ahead with almost $2.7 billion earmarked for community infrastructure, urban transformation and new facilities for the city of 238,000 residents. 

This includes the acquisition of a property for the development of Town Hall Square, a vision which Lord Mayor Clover Moore said had been three decades in the making. 

“In the next four years, we will progress plans—three decades in the making—to create a civic plaza opposite Sydney Town Hall,” Moore said.  

“This will be the next stage in the transformation of central Sydney and an extension of our improvement works on George Street.”

The civic square has been part of the city’s urban vision since the early 19th century.

The council has been acquiring land on George and Park streets for the project since the 1980s with one additional site that still needs to be compulsorily acquired. 

This year, the council revealed that it had spent more than $36 million in the past five years maintaining six properties that were due for demolition.

In February, the council unanimously backed a decision to bring forward the buildings’ date with a wrecking ball to early 2028, to complete the new civic square in 2031, which Moore said would build on the investment in the pedestrianised George Street precinct. 

▲ City of Sydney Lord Mayor Clover Moore said the pedestrianisation of George Street would be extended to connect between Circular Quay and Central Station.

The draft 2025-2026 Budget and long-term financial plan were endorsed by the council on Monday and would be available for public consultation until June 9. 

Moore said a capital works budget of more than $276 million would be allocated to more than 400 projects in the next year. 

This allocation included $11.4 million for an additional 6300 square metres to Gunyama Park, $10.4 million repairing and landscaping the Sydney Park brick kilns, $10.4 million towards building the new Huntley Street public recreation and sports centre at Alexandria, $9.2 million completing the pedestrianisation of George Street north between Circular Quay and Central station and $5.8 million to advance the Dixon Street renewal project. 

“Despite the pandemic and recovery challenges over the last five years, the City of Sydney has maintained a healthy financial position,” Moore said.  

“Through careful, strategic financial planning, we are confident of completing major works such as Town Hall Square while maintaining high service levels, continuing to invest in community facilities and our comprehensive grants program and, importantly, ensuring rates are kept low now and into the future.”

Future Budget allocations include $185 million towards upgrading Sydney Square and building Town Hall Square, $78 million to build multi-purpose fields and centre at Alexandria, and $38 million to build the Green Square to Ashmore connector.