Circular Quay to be revitalised

With the iconic Sydney Harbour Bridge and the Opera House on either side, Circular Quay is the heart of Sydney Harbour. At least $200 million will be set aside in the NSW Government’s infrastructure fund, Restart NSW, to fund the upgrade of Circular Quay.

The funds will be sourced from a new round of asset recycling of selected sites held by the Sydney Harbour Foreshore Authority (SHFA) deemed to be not of long term strategic importance. Land to be targeted for divestment sits under the Shangri-La and Four Seasons hotels in the Sydney CBD, the Novotel and Mercure hotels at Darling Harbour and commercial offices at Darling Quarter.

It is anticipated government will spend the next few months sorting the precise details of any divestment proposal.

There has also been a decision to consolidate SHFA’s functions to other agencies, principally Government Property NSW and Destination NSW.

A range of options would be considered for Circular Quay, including upgrades to the ferry wharves to make them modern and accessible, all the way through to a complete revamp that could include double-storey wharves with new retail facilities. Construction is expected to begin in 2019.

The Property Council has long supported the use of proceeds from asset recycling to fund investment into infrastructure.

To read the media release click here.

To see a concept animation of the future Circular Quay click here.