The $8.3 billion Sydney Metro Northwest development is part of a much-needed plan to upgrade infrastructure in Sydney's North. With the area moving forward with numerous apartment blocks currently under construction, the region is attracting a growing population, and in turn, reliable infrastructure is needed to support such growth.
Spanning North Sydney, Chatswood, Roseville, Turramurra, Gordon, and Hornsby, we can see masses of cranes supporting a large number of multilevel residential structures.
According to a recent survey by Rider Levett Bucknall, the total number of cranes across Sydney’s North increased by 30 last month to 124.
The results of the survey, showed only six cranes working in Sydney’s East, compared to 58 cranes in the South, 109 in the West, and 24 in the CBD.
“With Sydney’s population projected to grow to 6.4 million by 2036, an increase of 1.7 million people over 20 years, this rise in housing supply will be critical."
After falling to 94 cranes in the previous edition, the North has bounced back, increasing by 32%. The residential sector drove this increase with 24 additional cranes. New residential cranes were sighted at Lachlan’s Line in Macquarie Park, The Orchard in Hornsby, Park One in Macquarie Park and The Orchards Norwest. Two new civil cranes were sighted at the Wharf refurbishment in Balmoral and North Connex in West Pennant Hills.
A spokeswoman for the Department of Planning said the crane index demonstrated the strength of the state’s economy.
“With Sydney’s population projected to grow to 6.4 million by 2036, an increase of 1.7 million people over 20 years, this rise in housing supply will be critical,” the spokeswoman said.
While these suburbs were traditionally zoned for low-density development, we are now seeing lots of changes to residential zonings throughout the area. These changes are helping to keep the Northern Suburbs on the radar for both developers and new residents.
When Jobsite spoke to Toby Silk of CBRE, he noted his concerns regarding infrastructure in the area.
"Many of these suburbs, which don't have access to train lines, may suffer from the high-density residential builds and see travel times increase greatly with the added traffic new developments will bring."
Silk also said, "Largely due to the credit crunch we are currently experiencing, we have seen the investor market for apartments soften. Owner occupier stock largely fueled by downsizers, which is generally found within a 10km radius of the CBD, is stronger than ever. This is due to developers focusing on these areas where they have confidence they can sell off the developments they build and can get finance on construction as these areas are generally viewed as low risk."
Jilly Gibson, Mayor of North Sydney Council, noted in a recent newsletter that the amount of development happening in the area is increasing. Gibson explains the reason for the increase is due to the availability of capital, interest rates, and forecast growth. She went on to say that the building of the Sydney Metro rail line appears to be an added incentive for developers in North Sydney and St Leonards.
The new skytrain is set to improve access to jobs and services for existing communities, and new growth areas, in the north west of Sydney.
Another exciting part of the Sydney Metro Northwest development is the Skytrain. The new skytrain takes Sydney Metro Northwest above ground for four kilometres and is set to improve access to jobs and services for existing communities, and new growth areas, in the north west of Sydney.
Currently under construction in North Sydney is 100 Mount Street. This superb development embraces 35 levels and features premium, architecturally designed office space along with a five level basement car park. Laing O’Rourke is building the North Sydney tower on behalf of DEXUS Property Group.
Also in North Sydney, Multiplex has been appointed by Winten Property Group to deliver its $1 billion commercial office tower, 1 Denison Street. This 37-level commercial office tower will be the tallest building within the North Sydney CBD, providing more than 60,000 square metres of premium office space with a two-level lifestyle precinct and basement parking for 225 cars.