Two commercial towers would be built above a remodelled Martin Place train station, under a proposal by Macquarie Group that is being taken increasingly seriously by the NSW government.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The investment bank's unsolicited proposal to develop the towers alongside a new metro rail station that links to the existing Martin Place Station has moved to the third stage of the government's assessment process for such offers.
The proposal includes an "all-weather" walkway from Martin Place to Hunter Street, with an option to connect further north to O'Connell Street.
In a statement to the Australian Securities Exchange, Macquarie said that building a new rail station - as the government plans to do with a proposed metro line through the city - at the same time as developing above the station would enable better design features.
"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," the investment bank said.
The NSW Department of Premier and Cabinet said regardless of the outcome of the negotiations with Macquarie, the metro line would be opened by 2024.
By moving to the third and final stage of the unsolicited proposal process, Macquarie is now in a position to negotiate a final binding agreement with the government.
The proposal includes towers to the north and south of the development site.
