online form submission - thebayssydney.nsw.gov.au · island, jones bay wharf, woolloomooloo wharf,...

Online Form Submission

Title: No title provided

Details:

"Extension of the new Fish Markets elevated over the waterway to allow a larger and more

regular footprint, and interactive/unique retail experience.

2. Relocation of Bridge Road to allow a greater land area for open space and connectivity

around the Bay.

3. The provision of a world class permanent food marketplace which compliments the fish

markets but showcases the very best year round and seasonal produce from Australian

regions, chefs and cooking. This would incorporate restaurants and cooking schools."

Call for Great Ideas THE BAYS PRECINCT SYDNEY Colliers International / 17 July 2015

PREPARED BY: Colliers International

PREPARED FOR: Urban Growth NSW

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COLLIERS INTERNATIONAL

P. 1

INTRODUCTION As the leading Real Estate business in Australia, Colliers International is pleased to respond to Urban Growth’s “Call for Great Ideas” in respect to the Bays Precinct Sydney NSW.

Colliers International has assembled a collective response from its National Product Line directors who together have over 175 years of experience in the Sydney property market. Market comments and ideas have been collated in key proposed land use specialisations including:-

Retail; Commercial Offices; Residential and Affordable Housing; and Health and Aged Care.

Contributors include:-

Andrew Graham, National Director and Head of Consultancy George Marton, Director, Consultancy Dwight Hillier, Managing Director Valuation and Advisory Services Michael Bate, National Director and Head of Retail Robert Gishen, National Director, Office Leasing James Bellew, National Director Residential Site Sales Dan Owen, Director Consultancy, Healthcare & Retirement Living



P. 2

RETAIL

General Comments

The backbone to most of “The Bays” precincts will be the ‘right retail amenity’ and retail will be the glue which connects the various precincts.

The scale and size of this development is world class, alongside London and Melbourne’s docklands, New York’s Meatpackers urban renewal development and the new Toronto Waterfront, Hudson Yards scheme as well as Boston’s new Waterfront scheme. Sydney already has one of the best global examples of urban renewal investments, Darling Harbour.

From the outset the important point in this exercise is the scale. How to deal with scale will be Urban Growth’s biggest challenge. Lessons can be drawn from San Francisco’s Fillmore Project that went awfully wrong because the San Francisco Bay Authority didn’t get the scale. They thought that filling up their harbour foreshore with residential was the simplest solution rather than complimenting the residential with amenity. Slum was the result.

New urban renewal concepts have provided great new and sustainable residential and mixed use projects and all have embraced the sites heritage, as well as creating new wealth, economic and social growth. Balmain Power station, Rhodes Peninsula, Birkenhead Point. Bushels Concord, Jacksons Landing, Cape Cabarita, Arnott’s Biscuit Factory, Cockatoo Island, Jones Bay Wharf, Woolloomooloo Wharf, AGL site at Mortlake, Nestle Factory at Abbotsford Cove and Breakfast Point are such examples. Given the size of the precinct there is an opportunity to provide a series of unique sub-retail identities to be produced on the one site.

Although often located near transport such as railway stations, most retail development has followed time-honoured formats, designed more around the car than the pedestrian. Car parks tether the behaviour of the pedestrian which can be an issue with a large/number of retail centres around the Bays Precinct. Public transport to and within the precinct is important in this regard, allowing visitors a unique and exploratory retail experience within the Bay Precinct and more flexibility for street activity to take place in and around the fish market.

The Sydney of the future will be an active space that is operational and live 7 days a week, which is in contrast to the current city which is only active 5 days a week, predominantly fuelled by white collar workers. In response to the changing nature of the Sydney CBD, there will be increases in the demand for quality restaurants, bars and retail establishments, truly turning Sydney into a global city.



P. 3

My/our Great Idea is for ☐ a permanent use ☐ a temporary use

Tick which theme/objective and the number of the Destination your idea relates to

Theme Objective Destination

1 2 3 4 All

1 Sydney Global

Competitiveness

To deliver a hub of export oriented knowledge

intensive jobs that can increase Sydney’s global

competiveness

☐ ☐ ☐ ☐ ☐

2 Living Bays

To deliver enduring, socially inclusive and great

places to benefit Sydneysiders and national and

international communities.

☐ ☐ ☐ ☐ ☐

3

Housing Choices

To deliver housing choices, including affordable

housing options, through innovative design and

construction, new finance models and new

moderate income housing and rental housing

models

☐ ☐ ☐ ☐ ☐

4 Transport and

Infrastructure

To deliver a world-class mass and active transit and

infrastructure solution that unlocks the economic

and human potential of the Bays Precinct and

demonstrates a model of environmental excellence.

☐ ☐ ☐ ☐ ☐

5 Exemplary Urban

Places

To achieve building design excellence and quality

urban design in all Destinations

☐ ☐ ☐ ☐ ☐

Andrew

Describe your Great idea/s

1. Extension of the new Fish Markets elevated over the waterway to allow a larger and more regular footprint, and interactive/unique retail experience.

2. Relocation of Bridge Road to allow a greater land area for open space and connectivity around the Bay.

3. The provision of a world class permanent food marketplace which compliments the fish markets but showcases the very best year round and seasonal produce from Australian regions, chefs and cooking. This would incorporate restaurants and cooking schools.



P. 4

Does your Great Idea align with Sydney’s Global Competitiveness? How? Yes. In the case of the markets concept, this will allow the showcasing of Australian food, produce and agricultural products from around the country. Promotes the quality of produce for export and promotes broader regional tourism, as well as being a major domestic destination.

Does your Great Idea align with Living Bays? How? Yes, an active retail environment.

Does your Great Idea align with Housing Choices? How? Not applicable

Does your Great Idea align with Transport and Infrastructure? How? No

Does your Great Idea align with Exemplary Urban Places? How?

Yes, the concept promotes an active public space. It promotes year round activity and Sydney’s night time economy.



P. 5

COMMERCIAL

General Comments The site has a number of strengths from a commercial office perspective, namely:-

Scale – given the scale of the development, the potential to position it as a sought after inner Sydney precinct with great water views and adaptive reuse look and feel have great potential

Current structure and demand for adaptive reuse type office buildings

The site has a number of opportunities, namely:-

Vision for the site – master plan, staging strategy – commercial, retail etc. For every stage there must be a defined strategy and offering.

Retail – staged strategy – as the estate increases in size so does the retail and amenity Public Transport – staged and required Government commitment. This can be blended with a

high parking ratio until there is a long term sustainable public transport solution, after which the parking ratio can be cut back. We would envisage a bus strategy, in the first instance, as this is the easier solution. A free bus shuttle from surrounding train stations is a must.

High parking ratios – refer to point 3 above, but would require 1 per 25 m2 of office accommodation in the initial stages.

Planning approval – no risk for the tenant Community space –green space, child care, gym etc. Transport – private ferry services from circular quay, particularly at peak hours. An opportunity to provide a mix of new and refurbished stock. This provides the opportunity

for larger floor plates in the order of 2,000–2,500 m2 which is in most demand from tenants. For refurbished stock, it allows the use of popular raw features in the build including raw timber, exposed beams, exposed brickwork, polished concrete flooring and the like.

Other uses could include medical and/or education.

Weaknesses/Threats:

Transport solutions – assume 80,000 m2 of office is built at 1 per 10 m2 of NLA, this equates to 8,000 FTE’s. If we assume parking at 1 per 100 m2 of NLA, this provide 800 spaces, thus 7,200 people need to get to work by other modes of transport – a major challenge and, unless there is a strategy for parking ratio (refer point 4 above) or public transport solution, or both, it will be difficult to convince tenants to come to this location. It is easier to consider Parramatta, Norwest, Rhodes, Sydney Olympic Park and Redfern Technology Park.



P. 6




1 2 3 4 All

1 Sydney Global

Competitiveness



competiveness

☐ ☐ ☐ ☐ ☐

2 Living Bays




☐ ☐ ☐ ☐ ☐

3

Housing Choices





models

☐ ☐ ☐ ☐ ☐

4 Transport and

Infrastructure





☐ ☐ ☐ ☐ ☐

5 Exemplary Urban

Places



☐ ☐ ☐ ☐ ☐


1. Provide on grade and adaptive re-use designed flat deck parking for short term parking requirements (until public transport is available). Initially, the site will be “drive to” location with car parking needed in the order of 1:25 m2 of office accommodation. As the car parking requirements are scaled back the flat deck car park can be used for alternative options, such as retail markets. This approach has been noted on some overseas redevelopments.

2. The provision of rooftop playing fields and green areas for workers.

Does your Great Idea align with Sydney’s Global Competitiveness? How? Yes. Facilities and building design to cater for key company requirements to attract and retain the very best staff. Interesting workspace, large floor plates, funky design, good natural light, raw texture finishes, services, retail and amenities. Creating an integrated, unique and well connected workplace will attract new generation businesses and staff to the area.



P. 7

Does your Great Idea align with Living Bays? How? Yes. Creating the facilities as described to create a unique and self-contained community where people can live, play and work all in close proximity, as well as creating an attractive and interesting design/uses so that the area can still be alive after hours and on weekends.


Does your Great Idea align with Transport and Infrastructure? How? Not applicable


Yes. Comments as per Living Bays section above.



P. 8

RESIDENTIAL AND AFFORDABLE HOUSING

General Comments

Residential

Presently, the appetite for residential apartment/mixed-use development sites within Sydney, particularly the inner and middle rings, is buoyant. Strong growth in capital values across the Sydney metropolitan area has contributed to a high volume of apartments being added to the pipeline of developments under construction. The lack of historical supply throughout Sydney, particularly evident between 2006 and 2011, has resulted in pent-up demand for new dwellings and, in particularly, apartment stock within or in close proximity to the Sydney CBD.

Within the current marketplace, and moving forward, the desire and demand from buyers for ‘inner city living’ within Sydney has never been greater. Today’s population want to spend minimal time commuting to the workplace and demand a range of quality amenities within the immediate area of their home.

The resident’s desire dwellings that are low maintenance with a luxurious feel, as well as offering a value proposition in the medium term. The buyers are prepared to stretch their budgets in order to be within a highly desired location such as ‘The Bays Precincts’.

The household sizes are generally reducing with the high number of urban professionals, empty nesters, increase in marriage break ups, and with a high proportion of couples opting to marry and begin a family later. We anticipate this trend will continue as this demographic have made a large proportion of the apartment purchases within the current Sydney CBD and fringe CBD projects launched in the market.

The connection to the Sydney CBD and other key locations such as Pyrmont, Darling Harbour, Barangaroo, Walsh Bay and Circular Quay need to be established. Connectivity to the CBD and other Sydney precincts through public transport including bus, rail (light and hard rail) and ferry, along with bicycle and walking paths will drive the revenues and the saleability of the apartments.

The continuing trend for new apartment accommodation within Sydney has been with a focus on affordability. This is evident with the shift to providing a higher proportion of studio, one bedroom and smaller two bedroom apartments, and a reduction in the number of three bedroom apartments within new developments, to keep entry points lower. However, this trend may vary in the Bays Precinct, with a large proportion of these precincts being located in premium waterfront locations. Therefore, a higher number of two and three bedroom apartments may be considered suitable in these premium locations.



P. 9

Affordable Housing

By their nature, studio and 1 bedroom apartments will be a more affordable product than the larger apartments. Therefore, offering a considerable percentage in terms of apartment numbers will produce a commercially viable option to cater for affordability.

Alternative housing typologies may also be considered in order to deliver commercially based affordability into the market. These may consist of group housing style apartments catering to households made up of several unrelated occupants or extended families. Dual key apartments may be considered for investors or occupants who may wish to sub-let part of their apartment. For example, one bedroom plus studio or two bedroom plus studio apartments may give such flexibility, as well as cater for adaptive living.

Development pads may be set aside for alternative housing developments such as student accommodation or new age boarding houses.

Precincts allocated to cater for affordable dwellings may not be the premium waterfront locations and may not include amenities associated with premium residential developments.

Residential developments catering for affordability will require fewer ‘luxury’ amenities, such as indoor heated pools, fully equipped gyms etc. Lower rise buildings, with fewer ‘in-house’ amenities, serviced by hydraulic lifts will be more affordable both in terms of purchase price and lower ongoing strata levies.

Involvement of Community Housing provider(s) to develop pads for affordable housing using innovative funding structures. Community Housing providers may provide: management services for affordable housing units owned by others management of boarding houses delivery and management of intermediate housing i.e. affordable dwellings sold through

‘rent to buy’ schemes, shared equity, or other. interface with government departments and the private sector to implement the delivery of

affordable housing. In order to establish a deliverable and sustainable mix of affordable housing, it is crucial to

consider policy and to set early targets. At the outset, affordability strategies may be considered and targets set. For example, it may be considered that of the total residential apartments 3% to 5% may be set aside for social housing, 5% for affordable housing and 5% for intermediate housing.

Early consideration will assist in considering any financial inputs that may be required to deliver the necessary affordable elements, and how these may be funded, whether by using government grants and subsidies or through developer contributions.



P. 10




1 2 3 4 All

1 Sydney Global

Competitiveness



competiveness

☐ ☐ ☐ ☐ ☐

2 Living Bays




☐ ☐ ☐ ☐ ☐

3

Housing Choices





models

☐ ☐ ☐ ☐ ☐

4 Transport and

Infrastructure





☐ ☐ ☐ ☐ ☐

5 Exemplary Urban

Places



☐ ☐ ☐ ☐ ☐


The development of the Rozelle Rail Yards should include quality terrace-style dwellings. The buyers of the dwellings within the Rozelle Rail Yard Precinct will desire alternate attributes such as privacy, open space and garden/landscaped areas, and the development of the area for this style of housing type will provide greater product diversity across the site.

Alternative housing typologies may also be considered in order to deliver commercially based affordability into the market. Dual key apartments may be considered for investors or occupants who wish to sub-let part of their apartment, which may give flexibility and affordability, as well as cater for adaptive living. This concept could include “Fonzy Flat” apartments in the abovementioned Rozelle Rail Yard precinct, further away from the key waterfront locations. Further, the concept can be integrated in such a way so as to not detract for the attractiveness and marketability of the balance of the market led residential offerings.



P. 11

Does your Great Idea align with Sydney’s Global Competitiveness? How? Not applicable

Does your Great Idea align with Living Bays? How? Yes. Creating a range housing types and flexibility that assists in providing for increased affordability.

Does your Great Idea align with Housing Choices? How? Yes. Creating a range housing types and flexibility that assists in providing for increased affordability.


Does your Great Idea align with Exemplary Urban Places? How? Not applicable



P. 12

HEALTH AND AGED CARE

General Comments How will retirement and aged care living integrate into the Bays Precinct?

The rest of the baby boomers are about to retire but most are living long, healthy and active lifestyles

Bring the empty nesters in to where the action is in the city by providing modern facilities within close proximity to entertainment

Provide primary care solutions within the precinct Provide a mixed aged community that will provide events for all enjoyment levels Encourage social interaction with multi-purpose spaces Provide active solutions that will allow the retirees to keep active and increase mental,

physical and social health.

Bays Precinct

Key driver – healthy environment. Key Assumption - World Health Organisation ‘paraphrased definition of health,….‘Health is

not the absence of disease but a complete state of physical, mental and social wellbeing’. In essence the health status is defined by a complex interplay of the three health domains,

physical, mental and social. These, in turn, are influenced by a combination of genetic, social and environmental factors in

addition to the aging process. To address these, acknowledging there is no silver bullet, that there is growing interest in the

impact of the built environment. A ‘big idea’ is to use the impact on health as a touchstone for the design process. This is not just the soft touches of trees and art, but defined goals. e.g does it promote activity, does it promote social engagement, does it allow for disabled access etc.

We are entering what Bernard Salt describes as the “decade of demography with the ‘baby boomers’ beginning to retire or at least reduce their workforce participation”. The expected demand on pensions and health systems will test the strength and resilience of the Australian Economy. As a group they were the drivers of post-war societal change (the flower power) generation and are, according to Bernard Salt, “articulate, educated and opinionated”. They are predicted to change the Australian retirement paradigm through economic and political power in the same way they did as their generation’s demographic ‘bump’ has progressed through Australian society.

They generally have the ideal of wanting to age ‘in place’, they do not want to understand this concept as moving progressively throughout a retirement/aged care development but actually staying in their own home.



P. 13

The majority of the retiree generation will be expecting to retire in the family home, with 20% wanting to travel, study or stay close to grandchildren to provide care.

Studies have shown that the main concern for this generation of retirees is whether the local council will be able to provide all the services and standard of services the retirees are looking for.

Wellbeing - includes health and recreational activities




1 2 3 4 All

1 Sydney Global

Competitiveness



competiveness

☐ ☐ ☐ ☐ ☐

2 Living Bays




☐ ☐ ☐ ☐ ☐

3

Housing Choices





models

☐ ☐ ☐ ☐ ☐

4 Transport and

Infrastructure





☐ ☐ ☐ ☐ ☐

5 Exemplary Urban

Places



☐ ☐ ☐ ☐ ☐

Describe your Great idea/s The provision of Integrated, Vertical Aged Care - Retirement living within the Bays precinct. Integrate in the same location. The provision of Senior’s living through to assisted care and beyond, the concept of growing old healthcare in the same location or building as residents grow older and needs change. In providing this in a vertical manner the facility needs to cater to:-

Empty nesters moving from suburban family home into a new lifestyle Need for social interaction and events



P. 14

Providing community areas within the building and within the precinct, where retirees can interact with family and friends.

Provide the ability for residents to attend events within close proximity to their home. Modern facilities (Wi-Fi, etc.) Active facilities (active centre: gym, spa, pool and sauna)

Does your Great Idea align with Sydney’s Global Competitiveness? How? Not applicable

Does your Great Idea align with Living Bays? How? Yes. Alternative housing types for the elderly as integrated vertical aged care development provides an attractive alternative for aging in a central and well located position, close to services, attractions and facilities and provides the ability for residents to grow old in the same location.




Yes. Comments as per Living Bays section above.



P. 15

CONCLUSION The Bays Precinct provides an exciting, once-in-a-lifetime opportunity to showcase and integrate a host of land uses, provide a focal point for Sydney residents and present a development that is world class.

A relatively blank canvas provides the opportunity to provide best practice development in each sector of the property market and proposed land uses. Colliers International and, in particular, the contributors of this “Call for Great Ideas” response look forward to working with and further sharing our thoughts on the project with Urban Growth. We look forward to any questions and comments Urban Growth may have on this paper.


online form submission - thebayssydney.nsw.gov.au · island, jones bay wharf, woolloomooloo wharf,...

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