Lendlease, an Australian construction, property and infrastructure company, has won an A$476m ($335m) contract from the New South Wales (NSW) government to deliver Victoria Cross Station, a new Sydney Metro railway station, and a building above.
To be located in the heart of the North Sydney business district, Victoria Cross Station will include retail spaces and office space across 40 floors as well as improvements to the public domain.
Lendlease’s building and property businesses will deliver the Victoria Cross Station.
The project will be part of the company’s portfolio of transport hubs in gateway cities and it is currently delivering 18 urbanisation projects in Australia, Asia, Europe and the US.
The company is expected to submit detailed planning for Victoria Cross Station for approval in May 2019.
Lendlease property, Australia, CEO Kylie Rampa said: “Fit-for-purpose transport infrastructure like Sydney Metro will help ensure Sydney retains its spot as Australia’s number one gateway city by creating the connections future generations will need.
“We look forward to partnering with government to deliver this important new development for Sydney’s future and feel privileged our approach that combines our development and building expertise with our global experience was chosen to deliver it.”
As part of a value capture agreement on Sydney Metro, the NSW Government will receive over A$200m ($141m) from Lendlease for the right to develop the 40-storey commercial building above the station’s southern entrance portal, and for the retail spaces delivered as part of the station.
Under the agreement, the NSW Government is also expected to receive a share of any uplift in the value of commercial and retail buildings.
Lendlease building, Australia, CEO Dale Connor said: “The new Victoria Cross Station will transform North Sydney by providing increased transport links and new open spaces, employment and retail opportunities.
“Lendlease is delivering the global trend of transport oriented development to Sydney. This gives people greater access to places where they want to live, work and play.
“Given north west Sydney is expected to grow to twice the size of Canberra, Victoria Cross Station will create a vital link to the Sydney CBD.”
Victoria Cross Station is the second integrated station development on the Sydney Metro City & Southwest project.
New employment and retail opportunities, improved pedestrian connections and outdoor spaces will be created.
The Victoria Cross Station will be mostly built underground, allowing the station development to be taken up at the same time with less disruption to the community.
Image: Artist’s impression of Victoria Cross Station. Photo: Courtesy of Sydney Metro.