Development approval has been granted to a residential and retail project which was planned as part of Homebush’s Carter Street Priority Precinct.
Designed by Kann Finch Architects and Oculus Landscape Architecture, in conjunction with Chinese-led developer Australia YMCI, the approved development will sit on part of the 39,838 square metres of old industrial warehousing land Australia YMCI acquired from the Goodman Group.
Making up half of the first stage of “Ovation Quarter” the three buildings are the developer’s first submission to council following their $660 million acquisition of the Carter Street site — an Australian record for a development sale — in May 2016.
The estimated cost of work for the three buildings is over $172 million.
The project consists of a mixed-use development designed to integrate with Sydney Olympic Park, which is directly adjacent to the area.
Specifically, the project will feature three residential buildings all just under 50 metres high, with a strip of eight retail facilities stretched along the buildings’ ground floors.
In total, all three building were designed to include 417 modern and comfortable residential units, as well as two basement levels which accommodate some 496 car parking spaces.
“The NSW Government has identified Sydney Olympic Park as a priority growth area, with long-term investment into infrastructure, jobs and lifestyle amenity planned. We are happy to be under way with our development, which will become a vibrant new neighbourhood for the area and Sydney.” AYMCI spokesperson Ary Bornoush said.
According to Kann Finch, the aim of the development was to create a high-quality residential precinct with a strong urban identity that would not only integrate with Sydney Olympic Park’s next 10 years but also define itself as standalone and self-supporting precinct.
As part of the Carter Street Priority Precinct, YMCI’s approved development will eventually join a new village centre with up to 12,000 square metres of shops and services, civic infrastructure, a pre-school and recreational facilities all within a landscaped environment designed for the safe movement of pedestrians, cyclists and cars.
The precinct will also see at least 5,500 new homes, ranging from townhouses to apartments to be delivered over the next 20 years and a business and technology park on 13 hectares of highly accessible employment land along the M4 corridor for corporate offices and light industry.