Circular Quay, Sydney’s welcome wharf to the world, will undergo a significant upgrade following a raft of asset recycling. Image: Pavel.
If you thought Sydney’s CBD already looked like a construction site, the Circular Quay area is about to reinforce that feeling as the New South Wales government has pinned it for a major revitalisation.
In what will be a significant functional and aesthetic boost to Sydney Harbour’s most prominent public transport hub and tourist hotspot, the Mike Baird government has committed $200 million to give the area a much needed facelift.
According to Minister for Transport Andrew Constance, a range of options will be considered for Circular Quay,, including upgrades to the ferry wharves to make them “modern and accessible”, all the way through to a complete revamp that could include double-storey wharves with new retail facilities.
And with the government’s announcement of $200 million to go towards the project, the government is being transparent as to where that funding is coming from – none other than an asset recycling bonanza.
While the funding has been reserved in the NSW government’s infrastructure fund, Restart NSW, the government has flagged a raft of assets that will leave the its oversight in exchange for funds to jumpstart the Circular Quay project.
This will mean that the funds will be generated by the divestment of “some select assets” currently held by the Sydney Harbour Foreshore Authority (SHFA) that have been “deemed to be not of long term strategic importance”.
According to the government, a review of control and ownership of government-owned lands around Sydney Harbour has revealed duplication and inefficiency.
This has led to the government’s decision to “consolidate SHFA’s functions to other agencies”, principally Government Property NSW and Destination NSW.
Premier Mike Baird said the government is currently examining the most appropriate land use planning, heritage, and management framework for The Rocks precinct in consultation with the Commonwealth Government.
The government has also targeted SHFA assets to be divested such as the Shangri-La and Four Seasons hotels in the Sydney CBD, the Novotel and Mercure hotels at Darling Harbour and commercial offices at Darling Quarter.
Minister for Finance Dominic Perrottet said there is absolutely no reason in the 21st century why the NSW Government needs to be the landlord for these luxury hotels.
“The review has identified a number of non-core government buildings in The Rocks area that may also be suitable for divestment, but this would be subject to a review and potential strengthening of heritage conservation controls,” Mr Perrottet said.
He said what is non-negotiable is that there will be no loss of heritage through this process.
According to the government, construction is expected to begin in 2019. See a high resolution animation of how it’s expected to look.
