The Sydney Business Chamber says George Street, following the appointment of architects to design the CBD’s newest residential skyscraper
, continues to emerge as a major retail, commercial and residential precinct and visitor destination in Sydney and credit in part for this urban renewal must go to the CBD Light Rail project.
“There is more than $3 billion of private sector development planned or occurring along George Street and the $1 billion tower by Mirvac and Coombes Property is yet another example of the boost the light rail project is injecting into the Sydney CBD,” said Patricia Forsythe, Executive Director of the Sydney Business Chamber.
“From Circular Quay to Central Station, urban renewal is underway due to the uplift in land values and the impact the light rail network has on the urban amenity of the city.
“Despite the inconvenience, business is seeing beyond the hoardings to a reimagined George Street as a major new boulevard of Sydney.
“The future for George Street beyond its key role within the commercial heart of Sydney is as a major destination-street that will stimulate the local economy and expand the city’s reputation as a retail mecca with new places to visit,” Mrs Forsythe said.
“The private sector is demonstrating confidence in the Sydney economy off the back of major transport projects.
“Sydney will have its version of international shopping and restaurant strips, like Bond Street in London or Rodeo Drive in Los Angeles.
“The city centre has always been a major drawcard for international and local visitors, shoppers and workers, and with its ongoing transformation, the attraction to the CBD will flourish,” she said.