Macquarie enters into binding agreements to deliver a new, vibrant public transport precinct in Martin Place

Macquarie Group (Macquarie) is pleased to announce that it has entered into binding agreements with the NSW Government to design and deliver a new integrated station development in Martin Place, creating a vibrant public precinct that integrates a new Sydney Metro railway station with office space and a retail, dining and lifestyle hub.

Under the agreements, Macquarie, together with its design and construction contractor Lendlease, will deliver the new underground Martin Place metro station integrated with a retail and recreation precinct, two new office towers and the existing Martin Place railway station which services the Eastern Suburbs and Illawarra Line.

An integrated approach allows for unique features that would be difficult to achieve were the station to be delivered independently of the over-station development. These include easy transit for commuters between the suburban and metro railway lines, natural light down to the metro platform level and significant public concourse space, adding a sense of arrival into the CBD.

The approval of Macquarie’s proposal, which was made under the Department of Premier and Cabinet’s Unsolicited Proposal process, means that Macquarie is responsible for delivery of the development by 2024.

Sydney Metro has already commenced demolition and excavation work on the site as part of the overall construction of the Sydney Metro City & Southwest metro line, and this is independent of Macquarie’s proposal.

More than 2,500 jobs will be created during the construction phase of the project. Macquarie and Lendlease have committed to workforce diversity, including female and Indigenous participation and employment of apprentices.

Macquarie Group Chief Executive Officer, Nicholas Moore, said: “We recognise that we have been entrusted by the NSW Government to deliver this once-in-a-generation opportunity for the community. We are committed to delivering a new transport-led destination that is customer-centred, inclusive and comparable with the world’s great integrated urban precincts.

“As a long-time resident, Macquarie understands and respects the historic, cultural and civic significance of Martin Place. We are proud to have contributed to its recent evolution through our successful restoration and reinvigoration of the historic 50 Martin Place, which will be integrated into the new precinct.

“Along with our project team of internationally-renowned specialists, we look forward to working with the NSW Government, the City of Sydney and Sydney Metro on delivering a major new project which will contribute to the ongoing renewal of Martin Place.”

Martin Place is anticipated to become one of the busiest transport interchanges in Sydney. With this in mind, the design has been informed by the world’s leading integrated transport-based public precincts, such as New York’s World Trade Centre station and Hong Kong’s International Finance Centre. It has also been strongly influenced by aspects of the City of Sydney’s 2030 plan in terms of what Sydneysiders want from their city, including a place that respects diversity and offers vibrant culture and entertainment.

Unique to Macquarie’s design is an all-weather pedestrian walkway linking Martin Place and Hunter Street, with the potential to connect to O’Connell Street. Located above the ticketed area of the railway station and available to all members of the public, it will provide a convenient alternative for pedestrians and will help disperse foot traffic in and around the station. The walkway can only be provided by carefully tunnelling under Macquarie’s heritage-listed headquarters at 50 Martin Place.

Integral to the precinct’s design are diverse retail, dining and other lifestyle options that will enrich and enliven Martin Place and contribute to its ongoing reinvigoration. Active street frontages, elevated terraces, natural light-filled atrium spaces and bike parking facilities are pivotal to a design that is in keeping with the streetscape along Martin Place.

Macquarie, which has supported emerging Australian artists for more than 30 years, will work with Sydney Metro to incorporate public art within the precinct.

The two new office towers have been designed in line with the expectations of global employers: flexible side-core floorplates that can keep pace with evolving work practices. The design of the towers has also been informed by Martin Place’s heritage as a commercial and civic centre and its future as a global business district. One of the two new towers will combine with 50 Martin Place to form a new, consolidated global headquarters for Macquarie. By confirming that it will be an anchor occupant, Macquarie has provided the NSW Government with certainty and it enables early activation of the precinct.

The office towers have been designed to achieve the highest possible sustainability credentials – the Green Building Council of Australia’s Design & As Built 6 Star Green Star rating. Features will include the capture and re-use of rain water, landscaping and greening throughout the public spaces, implementing smart technology and maximising natural light throughout the journey from platform level.

As previously advised, Macquarie has sought and received some of the required planning permissions from the Department of Planning and Environment. Macquarie commenced the planning permission process in parallel with the USP assessment so that, were the USP to be approved, Macquarie could commence works promptly to support the NSW Government’s plan to open the new metro line through the city in 2024.

John Pickhaver, Co-Head of Macquarie Capital, Australia and New Zealand, said: “We have sought community, government and stakeholder feedback during the planning process and that input has contributed to the evolution of the design. We welcome ongoing input throughout the planning process and we are also committed to engaging with the community during construction.”