Sydney’s commercial constraints are loosening as the state considers adding more homes to the Tech Central precinct.
The NSW Government has released the Tech Central Economic Development Strategy outlining how it wants to add homes into the planning mix to create a 24-hour economy.
The 600ha precinct is home to 35 per cent of Australia’s tech workforce as well as developments among the most anticipated of this decade.
That includes the Atlassian tower, Toga’s Tech Central towers and Central Place Sydney by Dexus and Frasers Property.
The strategy says that currently Tech Central “falls short of expectations” and is at a turning point.
“There is a chance to build more affordable homes in Tech Central, helping increase inner-city density,” the report said.
“But this needs to be balanced with keeping enough commercial space for innovation-focused tenants.”
To make a more welcoming area, pedestrian infrastructure, cheaper office space for start-ups and special entertainment areas are proposed.
There is also the option to pursue “ambitious” housing projects on government-owned sites as rental affordability is a key challenge for the 50,000 people already living there.
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Atlassian co-founder Mike Cannon-Brookes said they had always backed the area and vision for Sydney, as a physical hub for an innovation ecosystem.
“We’ve seen globally that this kind of density can be rocket fuel for innovation,” Brookes said.
“Credit to the NSW Government for backing such an ambitious project.
“Tech Central is a big bet on the future and the kind of long-term thinking our industry needs.”
NSW industry and trade minister Anoulack Chanthivong said the metro system had already opened the precinct up to more Sydneysiders.
“Our strategy ensures we consider the whole picture—from housing to nightlife—to secure the precinct’s success for years to come,” Chanthivong said.
“The Tech Central Economic Development Strategy provides a shared roadmap for Tech Central’s future, with industry, university and government collaboration at its core.”
Tech Central includes parts of Surry Hills, Haymarket, Ultimo, Eveleigh, Chippendale and Camperdown, and extends into parts of Redfern, Pyrmont and the fringe of Sydney’s CBD.
