Sydney, 17 March 2017
Macquarie Group notes the NSW Government has today updated its Unsolicited Proposals website to notify that Macquarie’s proposal to design and deliver an integrated Sydney Metro Martin Place station development has progressed to Stage Three. Progression to Stage Three means Macquarie will now develop a final and binding proposal that remains subject to NSW Cabinet approval.
Macquarie's proposal offers a unique opportunity to combine the new Martin Place Metro station with the over-station development and the existing Martin Place rail station to deliver not just a better station for commuters, but also a new and vibrant transport, commercial, retail and dining precinct in the heart of Sydney's CBD.
Integrating the station and over-station development would allow for features that improve convenience for customers, and provide Sydney-siders and visitors with a destination in keeping with the civic, social and cultural significance of Martin Place. Macquarie believes its proposal would make a substantial contribution to the revitalisation that is already underway in and around Martin Place.
The proposed Martin Place Metro station would offer customers convenient access to the Metro and Eastern Suburbs and Illawarra lines and bus services. The integrated station and over-station development allows for a design that would offer natural light down to the platform level, improved access for customers throughout the station precinct, and significantly more public concourse space. These are features that would be difficult to achieve were the station to be designed and delivered independently of the over-station development, and would add to a sense of arrival into the CBD.
Macquarie’s 50 Martin Place headquarters has been included in the design and this has allowed for a number of enhancements, including an underground public concourse that provides pedestrians with a free and convenient all-weather walkway from Martin Place to Hunter Street, with the potential to connect through to O’Connell Street. The concourse would also help disperse pedestrian traffic in and around what will become one of the busiest stations in the Sydney CBD. This is an inclusion unique to Macquarie’s proposal and delivering it requires tunnelling under Macquarie’s heritage-listed global headquarters at 50 Martin Place, and has been carefully designed to avoid impact to this historic building.
Guided by the world’s leading public precincts such as New York’s World Trade Centre station, and the principles of place making, Macquarie’s proposal seeks to deliver a station precinct that offers a rich, lively and active destination for the people of Sydney and its visitors. It incorporates active street frontages and elevated street terraces to offer dining, retail and services. Macquarie, which has supported emerging Australian artists for close to 30 years, will seek to include public art throughout the precinct.
In keeping with Martin Place’s heritage as Sydney’s financial heart and to contribute to the city’s status as a global business district, Macquarie’s proposal includes two commercial towers, the design of which has been, and will be, informed by significant buildings around the world. These commercial premises will offer employers the flexibility to create workplaces that meet the expectations of future generations.
Macquarie will be an occupant of the commercial premises, which provides the State with certainty and early activation of the precinct.
Will Walker, an Executive Director in Macquarie Capital, said: "We recognise Martin Place holds an important place in Sydney’s cultural, civic and commercial heritage. Martin Place also holds an important place in Macquarie’s heritage. It has been our global headquarters for 24 out of the 47 years the Group has been in operation. This deep connection and respect for heritage underpinned our approach to the rejuvenation of our 50 Martin Place headquarters from 2012 to 2014.
"Integrating the station and over-station design and delivery allows for better use of space and natural light, and allows for features that improve convenience for station users. It would also enable us to offer an intuitive design that would offer customers ease of navigation throughout the station precinct.
"Our integrated proposal has been strongly influenced by the City of Sydney’s 2030 plan which outlines what Sydneysiders want from their city including: a place for people of all walks of life, a vibrant culture and entertainment, and public spaces that invite humanity. We also looked at the landmark transportation hubs around the world, which are thoughtfully-designed spaces that enable people to seamlessly transition from commute, to work, to leisure.
"We believe our proposal delivers on these expectations and offers a substantial contribution to protecting Martin Place’s heritage and enhancing the revitalisation currently taking place to ensure it remains relevant to generations to come."
During Stage Three, Macquarie will lodge a series of planning applications with the Department of Planning and Environment, and the community will be encouraged to have its say on the proposal. The planning development application is separate to the Unsolicited Proposals process. Lodging these applications during Stage Three would mean that, were a final proposal to be approved by the NSW Government, Macquarie could deliver on a timetable consistent with the existing Sydney Metro reference scheme. The planning process includes periods of public exhibition of the proposed plans. Macquarie believes this proposal would not require passage of enabling legislation through the NSW Parliament.
Mr Walker said: "If the NSW Government approves our final proposal, we understand the responsibilities that come with delivering such important transportation and civic infrastructure. We have assembled a team of internationally-recognised specialists who will work with us to achieve an outcome in keeping with the expectations of the State and the community."
Macquarie notes neither the NSW Government nor the Group are obligated to proceed with the proposal until it is assessed against a range of criteria in Stage Three. Macquarie recognises the NSW Government will continue to run the existing Sydney Metro procurement process separately and in parallel to this proposal.