Burwood Place: Council to get $30m if $1bn project approved
A booming inner west suburb littered with construction sites will get $30 million in cash if the development set to reshape Sydney’s skyline goes ahead.
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A developer will pay Burwood Council $30 million as part of an agreement to get a massive $1 billion skyscraper over the line.
The huge figure was revealed in council documents outlining why it is seeking to amend planning regulations in a bid to ensure the mammoth development on Railway Pde gets the green tick.
According to the documents, Holdmark Property Group will pay council $5 million in six instalments, the first of which will be paid after the project is granted development consent.
Holdmark has also agreed to upgrade council’s library and build car parks as part of public works worth $50 million in the Voluntary Planning Agreement (VPA).
VPAs are legal in NSW and are used by councils to gain financial contributions or public works from developers looking to build within its jurisdiction.
They cannot be formally entered into until they have been on public exhibition for 28 days.
As part of the five-year negotiations to get the plans off the ground, Burwood Council is seeking permission to increase its maximum building height to 144 metres from 136 metres to accommodate the development.
When built the five tower 42-storey Railway Pde development, named Burwood Place, will include 1100 apartments and pump more than $700 million a year into the local economy, according to council documents.
The development is also expected to bring more than 3000 full time jobs in an attempt to build a “mini-CBD” in the heart of Burwood.
A total of 60 submissions have been made against the project, with the majority of concerns surrounding traffic and shadowing.
Burwood Council said the developer would also complete $50 million in public works as part of the deal, making it worth $80 million in total.
Council said the VPA process was in line with government legislation.
“Council has spent funding of this scale previously through an extensive capital works program,” a council spokeswoman said.
“In the past two years council has spent over $30m funding major projects including upgrades to parks and playgrounds, community centres and town centre beautification programs.
“The $30m will be earmarked for upgrades to the public domain to enhance the impacts of the Burwood Place development within the town centre as well as pay for future major community projects.”
Holdmark has been contacted for comment but attempts to reach the developer have so far been unsuccessful
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