The biggest Australian property redevelopment project based in a municipality has got underway, with Leighton Properties, Landcom and Mirvac all signing a project agreement before beginning the next stage of the scheme.
Known as Green Square Town Centre, the Sydney-based project is expected to create roughly 7,000 jobs and provide new homes for roughly 5,500 people, while generating $3.2 billion (£2.1 billion) for the local economy before and after construction.
Mark Gray, Leighton Properties managing director, said signing the agreement marked a landmark for the long-running development.
"Our combined aim is to create a precinct that will become the centerpiece of this new commercial, residential and retail hub," added Mr Gray.
He explained that the various sustainability schemes involved in the project are especially exciting.
The urban renewal of the area will take in parts of Alexandria, Beaconsfield, Rosebery, Waterloo and Zetland and include restaurants, bars, and cafes as well as residential units.
Posted by Craig Francis
