Sydney looks to the sky to encourage creativity, opens living options
Creative people in the New South Wales capital will benefit from a $440 million, 67-storey arts hub and development recently announced by the City of Sydney.
The announcement will also have positive ramifications for existing homeowners in the heart of the city, not to mention those looking to buy, be they investors or homeowners.
Thanks to the country's record low base interest rate, many people have entered the property game, given the cheap home loans being offered by lenders. In areas like Sydney, the activity is particularly strong.
Multi-purpose hub for vibrant Sydney
The creative hub will be constructed as a result of an agreement between the City of Sydney and developer Greenland Australia, according to a June 10 council statement.
As a first for the entire country, the five-storey hub spanning 2,000 square metres will be situated in a 67-storey tower on Bathhurst Street.
"Sydney remains the leading global city of Australia and this project, along with the recently approved light rail project, are great examples of the major infrastructure projects being pursued by the City in partnership with the business sector and other levels of government," Lord Mayor Clover Moore noted.
Workspaces for dancers, designers, artists and other creatively-minded individuals will be a boon to the city, but there's more in store, too.
The remaining space in the 67-storey tower will be home to almost 500 residential apartments when it's completed at the end of 2017, which is sure to provide some relief to the city's ever-increasing population.
In addition to the creative workspaces and apartments, there will also be retail space on the ground floor, opening up opportunities for local and international businesses wishing to make their mark at the former Sydney Water site.
The total development comes at a cost of $440m.
Image credit: Stephanie Watson