Infrastructure
| Sector | Infrastructure |
| Sub-sector | Real estate |
| Location | Australia |
A core feature of the PPP model is the ability to allocate and transfer specific project risks to the private sector, ensuring those risks are managed by the parties best equipped to do so.1 This targeted risk allocation strengthens delivery outcomes and helps generate stronger value for money.2
The New South Wales (NSW) Government accepts unsolicited proposals from the private sector that deliver innovative ideas, places, services and infrastructure benefitting communities across the state.3
Catalysed by the announcement of the Sydney Metro project in 2015, Macquarie identified an opportunity to connect capital with community need to make a significant impact on the reinvigoration of Martin Place, which has been its headquarters for more than 25 years.
A bespoke proposal was developed that included delivery of Sydney Metro’s flagship Martin Place station, two commercial office towers, retail areas and a pedestrian tunnel directly underneath the heritage 50 Martin Place building.
The unique combination of Macquarie Capital’s infrastructure and real estate expertise across complex projects enabled the development of a sophisticated project brief incorporating everything from tenant requirements to the retail mix of the precinct. The brief included a multiparty ownership and precinct management statement, and the arrangement of all of the project’s financing and security.
Leveraging a team with combined industry experience across infrastructure, real estate advisory, and project development, Macquarie engaged a team of over 200 specialists to support this project. This included architects, engineers, project managers, cost planners, statutory planning advisers, design and construction advisers, legal, valuation, tax, accounting and insurance advisers.
Together, this multidisciplinary team ensured the proposal was fully scoped, accurately priced, and rigorously developed, resulting in a committed offer to the NSW Government with the objective of delivering the ideal project solution.
Multidisciplinary infrastructure is a core component of Macquarie Capital’s DNA. We have a 30-year track record of investing in and advising on infrastructure projects and working with government to deliver key pieces of urban infrastructure, including rail and rolling stock PPPs in Australia. Being able to draw on this experience was critical to quickly formulating an initial proposal to government in 2015 that focused on increasing public space for the community and enhancing Sydney’s financial district.”
David Wickstrom
Division Director, Infrastructure
Macquarie Capital
Outcome
The unique and ambitious contracting structure would see the integrated delivery of a Metro station in Martin Place, the heart of Sydney’s commercial business district, integrated with commercial office towers and a public underground pedestrian tunnel. This approach not only connects Martin Place more seamlessly with key parts of Sydney’s CBD today, but also futureproofs the precinct by enabling onward connections to emerging underground networks and future metro lines.
Our deep skillset in developing and financing infrastructure and real estate around the world gave us confidence in our ability to work with Sydney Metro to deliver a once-in-a-generation outcome for both our local community and our people.”
John Pickhaver
Head of Infrastructure and Energy Capital, Americas
Macquarie Capital
Integrated transport and commercial development
Specialised, multidisciplinary experts
1. ‘NSW Public Private Partnership Policy and Guidelines’, NSW Treasury, October 2022, https://www.nsw.gov.au/
2. ‘Risk Allocation in Public-Private Partnerships: Maximizing value for money’, International Institute for Sustainable Development, August 2015, https://www.iisd.org/
3. ‘NSW Government Unsolicited proposals', NSW Government, accessed January 2026 https://www.nsw.gov.au/
4. Urban Taskforce Australia 2025 Development of the Year
5. Infrastructure Partnerships Australia 2025 National Infrastructure Awards
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