What’s Happening With The Green Square Development?

With Australia set to grow by another 11.3 million people by 2030, it’s natural that we can expect some big changes in Sydney - its biggest city.

Green Square is at the forefront of some of that change, with a $13 billion development underway that will transform the inner city. So what’s in store for Green Square and how will it transform the inner city?

Here’s what we can expect to see across the property market, public transport and its other new facilities.

Green Square: welcoming more locals and embracing growth

The Green Square development is centred on the creation of a new town centre for Sydney, providing a bustling home for a population that’s set to double in the residential area surrounding Green Square by 2030. This growth will make it the most densely populated area in the entire country, with 22,000 residents per square kilometre.

Fast facts: What’s happening in the Green Square development?

The development spans multiple suburbs and includes residential, commercial, transport and recreation updates to the area, so it will roll out in phases over the next 12 years.

Here are some of the facts we know so far:

30,500 new residential dwellings will be built, bringing the Green Square population to 61,000 by 2030
The urban renewal area covers 278 hectares, encompassing areas of Green Square, Alexandria, Rosebery, Waterloo, Zetland and Beaconsfield
The development will total $13 billion, with $540 million contributed from the City of Sydney
The town centre project covers 14 hectares and is expected to cost $8 billion
Landcom and Mirvac will deliver much of the town square, with a number of other private developers also enlisted across the Green Square project
A number of apartments were completed pre-2017, some are underway with 2018-2019 scheduled finish dates, and others are due for completion as late as 2025

Property

The influx of apartments to the area means great opportunities abound in Green Square for investors, as well as families looking to be closer to the city and young buyers trying to get a foot in the door of Sydney’s competitive property market. Green Square’s top-of-the-line amenities will be attractive for buyers and renters wanting to take advantage of the modern lifestyle.

New reasons to enjoy Green Square

The population boom will bring more facilities, both as part of the development and alongside it, as business and the council try to make Green Square a wonderful place to live and work. As well as an increase in dining and entertainment options, locals can expect the following from the development over the next 10 years:

An innovative new library and plaza
An aquatic centre
New parks and playgrounds
A childcare centre
A creative hub, including public art displays
New retailers and supermarkets
More commercial spaces, with 22,000 new workers tipped to be in Green Square by 2030

Some new facilities and art exhibitions are in place already, providing a taste of what’s to come for Green Square.

Improved public transport connections for Green Square

With population growth at this scale, prioritising public transport is essential to avoid the hefty costs of traffic congestion, as highlighted by a recent report from Infrastructure Australia.

The City of Sydney is pushing for a light rail connection between the CBD and Green Square, adding to the existing trains, buses and plans for a new metro service at Waterloo to be completed by 2024. These new transport options would be good news for locals who’ve been feeling the pressure at Green Square Station, after research showed the number of daily passengers had doubled from 4810 to 9766 in just one year.

New cycleways will also be added around the precinct and car parking will be reduced in an effort to keep Green Square free of traffic.

I’m looking forward to seeing the continued development of Green Square and how it will benefit the inner city. To get involved in property in the area, contact me today.

Feature image source: http://greensquare.mirvac.com/