In December 2019, Sydney Metro signed a Project Delivery Agreement (PDA) for the Waterloo over-station development (OSD) with a development consortium made of Mirvac and John Holland Group. Under the PDA the Development Consortium bought the right to develop 68,750 sqm of GFA of highly mixed-use buildings on the Metro owned land next to the future Waterloo Station and in the air rights above it.
To optimise the value of the development opportunity and stimulate market interest, Sydney Metro had beforehand “de-risked” the development opportunity by preparing a complete data room, setting clear development requirements, and obtaining a state significant concept development approval.
Also, as part of the Waterloo OSD, Sydney Metro committed to broader NSW Government objectives and signed agreements
To ensure that both the Development Consortium and Sydney Metro met their respective obligations under the Project Delivery Agreement, and that Sydney Metro fulfilled its related agreements for affordable and social housing with INSW and LAHC.
Due to the scale and complexity of the Sydney Metro City • & Southwest project, Sydney Metro developed detailed and complex contractual, commercial and interface arrangements for all the various packages of works of the metro line.
The main challenge was to ensure that Sydney Metro – through the management of the multiple other major contracts – would not create adverse impacts to the OSD and would not become liable for delays or costs to the Waterloo Development under the conditions of the PDA.
Similarly, one key challenge was to ensure that the development consortium was aware of their obligations and would fulfill them in a timely manner so that the OSD works would not adversely impact the delivery of the Waterloo station or other packages of works on the City & Southwest line.
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