The planned $2-billion revitalisation of the Entertainment Quarter in Moore Park could be clipped if the Greater Sydney Parklands Trust proposal, which would slash leases in the precinct from 99 years to 50 years, pushes through.
According to Max “the Axe” Moore-Wilton, the spokesperson for the developer consortium Carsingha Investments, the proposal will impact Entertainment Quarter’s “unique selling proposition negotiations,” as shorter leases can reduce the precinct’s redevelopment viability or turn off major capital investments. As a result, EQ could “remain under-utilised and unchanged.”
Those who oppose the new bill, however, are concerned that the redevelopment will strip the community of vital green spaces.
Sam Romaniuk, the co-chief executive of EQ, said in an opinion piece that the plan does not include more towers or apartments. The group actually plans to put up an open-design competition “to ensure we create something that will be the envy of the world.”
Carsingha Investments laid out its plans to transform the Entertainment Quarter into a world-class sports and entertainment precinct that will attract new investors, generate thousands of jobs, and provide for the recreational needs of Sydney’s diverse communities.
The bold proposal includes changes that will boost film and television, creative arts, live performance, sports and major events, as well as increase the community facilities.
“The EQ precinct has struggled ever since the old Showground site and its buildings was first leased out under the Carr Government in 1998,” the developer consortium stated.
“Since then, two other groups (Lendlease, Colonial First State) have tried but been unable to make the precinct viable due to the constraints governing the site.
“We believe that to fulfil its true potential, EQ requires a comprehensive reinvention to provide a precinct that can support and elevate Sydney’s cultural and entertainment industries.
“EQ is in discussions with the NSW Government to create a regulatory environment that will allow EQ to not only work but thrive.”
Public consultations for the redevelopment have occurred for more than three years. According to a September 2021 EQ Community Research, 71 percent of the community want to experience these changes, whilst 25 per cent were undecided and five per cent opposed the proposal.
In November, the Greater Sydney Parklands Trust Bill 2021 passed the NSW Legislative Assembly and also passed the Legislative Council in March 2022. The bill will be forwarded to the Governor for assent before the proclamation.