AusBN - Global real estate firm, Brookfield Property Partners (NYSE:BPY) has won the tender to re-develop Wynyard Station, one of Sydney’s busiest train stations over the
next four years, the NSW government announced yesterday.
The AUS$1.7 billion project will replace two aged ramps into the station with a broad high-end retail concourse and transit hall with construction expected to commence early next year.
“This $1 billion project is set to become a new jewel of Sydney’s CBD,” said Mike Baird, the premier of NSW and minister for infrastructure. “For too long, Wynyard Station has languished without the infrastructure that such a pivotal transit hub demands.”
In addition, the “Wynyard Place” proposal will include a 27-level 59,000 sq. m office tower with “market leading environmental credentials.”
Carl Schibrowski, head of development at Brookfield’s Australian division said: “This will be a dynamic and attractive environment for people to come together to work, shop, meet and relax.”
The development is expected to finish by late 2020, just as the new light rail opens along George Street.