A new billion-dollar multi-purpose residential and commercial precinct is set to redefine how Sydneysiders live, work and play.
Construction officially began last week on the Waterloo Collective, a mixed-use precinct close to the CBD, costing just shy of one billion dollars.
Award-winning property developer Mivrac has joined forces with construction firm John Holland to deliver the project, combining residential apartments, social housing, student accommodation, commercial offices and retail venues.
The multi-use hub will also deliver more than 2.5 square km of public spaces to create a vibrant social neighbourhood featuring extensive community facilities.
Mirvac CEO Development Stuart Penklis says the area’s unique history meant nurturing a sense of community and culture in the area has been a core focus of the project since the very beginning.
“The community has been a central focus for this project since its conception, and our engagement process has reflected this as we brought together the plans that will deliver amenities, facilities and infrastructure that will make Waterloo Collective a welcoming space for all,” Mr Penklis said.
“What Mirvac and John Holland are delivering at Waterloo speaks to the diversity of the surrounding area,” he said.
Housing relief
Scheduled for completion in 2026, the project will bring a localised respite to the city’s growing housing crisis, providing 126 apartments, 24 affordable housing apartments, 70 social housing apartments and accommodation for 474 students.
“The current housing shortage is a critical issue, and we are proud to be working alongside our partners and government to deliver diverse housing options in a central Sydney location that ticks all the boxes in terms of critical infrastructure, sustainability, amenities and public transport connectivity,” Mr Penklis said.
New CBD jobs
Situated just two minutes from Sydney’s Central Station, the Waterloo Collective is expected to bring more than 750 construction jobs.
Meanwhile, the project’s construction will lead to nearly 37,000 square metres of commercial and retail space, creating 3,500 permanent jobs once complete.
John Holland’s Executive General Manager for Building, David Lehmann, says Waterloo Collective would have a transformative effect on inner-city living and echoed the importance of the project’s community-focused principle.
“These sorts of developments can transform how we live beyond the obvious new buildings and open spaces they create,” he said.
“Waterloo Collective will create a truly integrated precinct underpinned by world-class public transport connections through Sydney Metro’s Waterloo Station.”
“Community strikes at the heart of this project. We know how important it is for this development to represent the diversity of the local area, and I’m proud of the way our team has brought the community on the journey so far.”
