Central Barangaroo towers could cost Millers Point $858m

Spending in Millers Point could shrink by as much as $858m over the next decade if the Central Barangaroo towers are built to the current proposed levels, a new study has found.

Spending in Millers Point could shrink by as much as $858m over the next decade if the Central Barangaroo towers are built to the current proposed levels, a new study has found.

Tourism economists Stafford Strategy, behind the study, found that the area would lose as many as 732,000 visitors and 1.1m guest nights.

However, the study has been refuted by Aqualand, the company developing Central Barangaroo, which, in April, revealed its plan to build six commercial office towers, a single apartment tower and retail, in partnership with Scentre.

The development is not set to be complete until 2027.

Behind the Stafford Strategy study which criticises the development is The Langham hotel, which stands to lose its harbour views upon Central Barangaroo’s completion.

“The Langham has sought to engage with the developer to understand the details of their proposal and no consultation has been forthcoming,” the hotel said in a statement.

The Langham general manager Shane Jolly said he believed Aqualand could still reach its economic targets without changes to local zoning rules.

“The economic benefits from development at Central Barangaroo could be realised with the current longstanding height limits while limiting flow-on economic and heritage damage to Millers Point and therefore Sydney,” he said.

An artist’s impression of the Central Barangaroo development.

Aqualand has disputed the Stafford Strategy study, saying it believes its new development would add to the area.

“Far from any representations about economic loss, it is clear that the Central Barangaroo proposal with a range of new cultural experiences, dining and entertainment options, and the delivery of the new Metro Station, will transform and enliven Millers Point, the Rocks, and the Walsh Bay Arts Precinct, driving activation and visitation for businesses within the area,” said Aqualand project director Rodd McCoy.

But the height of the new development would “put at risk the historic connection between Millers Point and the harbour,” Langham’s Mr Jolly said.

Stafford Strategy director Albert Stafford said the Barangaroo development might overshadow Millers Point, which would have a devastating impact on the area.

“Visitors are less likely to visit the heritage precinct with little visual connectivity to the harbour and large buildings potentially overshadowing the appeal of the precinct,” he said.

Aqualand’s Mr McCoy who said the development was not building past height requirements permitted 15 years ago.

“The currently approved building heights for Central Barangaroo, which obscure some of the westerly views from the Langham, were given consent in 2007, preceding the sale of public housing in Millers Point to the new residents, and the sale of the then Observatory Hotel to the Langham in 2012,” he said.

Another study, cited by Aqualand, found that Central Barangaroo would contribute $5.6bn to the Sydney CBD once operational.