A $2.5 billion tech precinct in the heart of Sydney's CBD is a step closer after the Central Place Sydney project moved to the next stage of the approval process.

A collaboration between Dexus and Frasers Property, the proposal includes up to 150,000 square metres of workspace across two towers and a podium building, underpinning the delivery of the Sydney Innovation and Technology Precinct, as well as an Integrated Distribution Facility that "unlocks future over-station development".

Central Place Sydney - At a glance:

• Over $3 billion value add to the NSW economy each year 
• Accommodate over 10,000 jobs 
• Creation of over 700 construction jobs 
• Critical servicing infrastructure to unlock future over station development 

There are three stages of the NSW Government’s Unsolicited Proposal (USP)  – initial submission (stage 1), detailed proposal (stage 2), and Final Binding Offer (stage 3).

Project approval will only be granted following government review and approval of the Final Binding Offer. 

Dexus CEO, Darren Steinberg said the project Sydney’s most significant CBD development in over a decade, providing employment space critical to the state’s economic recovery.

"This project will firmly establish Central as one of the most distinctive and lively places to work or visit in Australia and is set to rejuvenate Central as one of the key gateways to the Sydney CBD," he said.

A design competition will determine the final design of the project with final designs to be revealed by the end of the year.

Dexus and Frasers Property have access to property ownership on the western side of Central that places the partnership in a unique position to deliver the proposal. 

The properties are held under long term leases, with 14 Lee Street held by Dexus and its Office Partner, and 20 Lee Street and 26 Lee Street held by Frasers Property Australia. 

Click here to find out more about upcoming projects from Dexus.

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