Elizabeth St, Surry Hills: $60m re-development could see 300 jobs, but developer says council took too long to support plans
A $60m redevelopment could turn empty buildings in the Sydney CBD into a multi-storey commercial hub – but the developer says council took too long to support the plan.
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A major new development proposal looks to stimulate jobs within the Sydney CBD through a multimillion-dollar commercial masterplan, but the developer behind the vision says City of Sydney Council took too long to support it.
Plans for a 10-storey commercial development to transform empty buildings into a retail space just meters from public transport at Elizabeth St in Surry Hills have been revealed, with hopes it would support job creation while “reinforcing the areas unique character.”
The development will see approximately 6,300 square meters of new commercial office space with ground floor retail, which would turn the current five separate terrace buildings into a 50-meter-high modern office space.
The $60m project was put forward development company Stasia and could stimulate up 200-300 jobs on site, with a further 800-1200 operational jobs when finished.
While City of Sydney documents said the development would “attract major creative firms”, Stasia project developer Matthew Harris, said commercial interest has been low.
“There is very little interest from commercial office markets, it’s difficult without a major precommitment,” he said.
“Times were better several years ago, but it took too long to garner council support for the Tower.”
Mr Harris said the development still has potential to have a positive impact on the community.
“It will activate the precinct further and providing a transient working population in the area, the opening of a new laneway and Architectural by Candalepas,” he said.
But a City of Sydney Council planner said the project could be a key part of the areas commercial growth moving forward
The redevelopment will also facilitate a new pedestrian connecting Foster Lane and Reservoir Street.
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