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$200 million in new commercial space for Liverpool

200 million new commercial space, Elizabeth Street, Liverpool, Development, Third CBD, Investment, Liverpool City, Liverpool Growth

Alongside the surge of progressive change, and growth, in Liverpool, The Uniting Church (NSW & ACT) and a number of private landowners are poised to lodge plans for $200 million in new commercial property development in Sydney’s third CBD and new airport gateway Liverpool, complementing Scentre Group’s proposed development of its existing Westfield centre.

With plans for a $100 million, 20-storey multi-purpose aged care independent living centre at a 3,490sqm site near Elizabeth and Bigge streets in Liverpool’s CBD, it is understood The Uniting Church is considering a 35,000sqm all-in-one tower that offers retirement living, a long day care centre, a seniors gym, a workshop area and some commercial space.

While plans are still in their infancy – with a development application yet to be lodged – population growth is set to explode in south-west Sydney on the back of the new Western Sydney International (Nancy-Bird Walton) Airport, and organisations like Uniting are increasingly motivated to focus their development efforts on the key western Sydney centres of Liverpool, Campbelltown and new suburb Leppington.

The private owners of 24-28 Elizabeth Street are also in talks with the council to initiate a $100 million, 28-storey office tower project, Elizabeth Place. Touted as a ‘game-changer’, the development will house an office tower that combines retail, F&B, childcare and conference facilities.

These new deals follow several proposals made earlier this year, including:

• Scentre’s $93 Million new dining, entertainment and leisure precinct with offices at Westfield Liverpool.
• Binah Group’s submission of plans to build a $104 million, 35-storey mixed-use development on a 1.2-hectare block in Elizabeth Street, which will house Liverpool’s first rooftop restaurant, a hotel, 194 apartments, commercial spaces and 345 car spaces.
• Mackycorp’s $106 million, 23-storey 27,0000sqm office tower to be built above the redeveloped Commercial Hotel, and
• Council’s own Liverpool Civic Place, a $400 million development that will include new council offices, a new central library and community hub, childcare, a new UOW: University of Wollongong, Australia campus.

With this unprecedented surge in growth, “The race to create Sydney’s third CBD in Liverpool emulates the efforts at its second, Parramatta, a few years ago. The Liverpool CBD will yield new offices as well as community spaces and universities much like Parramatta Square” says Financial Review reporter, Su-Lin Tan.

Article originally published by Financial Review April 11, 2019. Image credit: Elizabeth Place