Under the agreement, Macquarie, along with construction partner Lendlease, will deliver the new underground Martin Place station integrated with a recreational and retail precinct, two new office towers, and the existing Martin Place railway station.

The deal, which has attracted wide controversy after being put forward by Macquarie as part of an unsolicited proposal in 2017, won government approval in March despite objections from Dexus and GPT Group.

Sydney Metro has already commenced demolition and excavation work on the site. 

Pictured: An artists impression of the Martin Place precinct. Image supplied by Macquarie.

Macquarie is paying $355 million for the air rights above the new metro station and will spend an added $637 million on the construction and delivery of the two Grimshaw and Johnson Pilton Walker-designed towers as part of the over-station development.

“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-centered, inclusive and comparable with the world’s great integrated urban precincts," Macquarie Group Chief Executive Officer, Nicholas Moore said.

“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."

The six-year timeline for the project will mean that Macquarie is responsible for the delivery of the development by 2024.

Related reading:

$400m Glenside development to hit market next month

New urban sanctuary planned for Wooloowin

Australia's tallest tower announced