On 24 November, the NSW Government issued its Draft Parramatta Road Urban Renewal Strategy. The strategy seeks to convert Parramatta Road into a high density, mixed use urban corridor with a combination of residential, commercial/retail and some office based land uses. The strategy proposes major landscape upgrades along the road reserve, major improvements to pedestrian facilities, as well as the conversion of some existing road lanes into dedicated bus lanes. The strategy envisages multi-storey buildings extending the length of the corridor.
Key elements of the strategy include:
- 50,000 jobs and 50,000 dwellings are proposed along the corridor.
- 8 centres or ‘urban renewal precincts’ along the corridor have been nominated – these include Granville, Auburn, Homebush, Burwood, Kings Bay (Five Dock), Taverners Hill, Leichhardt and Camperdown.
- The strategy is based over a 20 year time frame – its delivery is based on a series of MoU’s between the 10 councils which traverse the corridor. This could be risky given the opposition to WestConnex already voiced by several councils.
Of the proposed precincts, Granville and Homebush are expected to accommodate the lion’s share of the corridor’s population growth. Granville will accommodate up to 19,000 new dwellings and Homebush is anticipated to accommodate up to 16,200 new dwellings.
About MacroPlan: MacroPlan provides a range of planning services from pre-acquisition due diligence, strategic assessment and conceptual planning through to rezoning and development approval and project implementation. Our planners work with our in-house economists and analysts (and other consultant experts) to evaluate social, economic and environmental factors that contribute to the success of projects. Our multi-disciplinary approach delivers outcomes that focus on evidence, identifying development opportunities and optimal project outcomes, and clarifying pathways to achieving development approval. Contact Wayne Gersbach - General Manager NSW today to discuss your property research requirements.