Artists get space in Sydney

Sydney-could-become-the-new-mecca-for-artists_157_72595_0_14092660_300A number of high-profile infrastructure projects coming to Sydney will boost its profile as a vibrant, exciting, global city, says Lord Mayor Clover Moore.

Chief among them is a $25 million creative hub set to be built at the former Sydney Water site on Bathurst Street in what will be the city’s tallest residential tower. The hub will house facilities for dance, theatre, music, film and visual arts and will take up 2,000 square metres of the five storey tower.

Some of the facilities will include dance studios with special sprung-timber floors, media and editing suites for filmmakers and soundproofed rooms for musicians, making it perfect for any type of artist. The City of Sydney has even signed a 99-year lease on the property, ensuring that artists will have an affordable space in Sydney for a long time to come.

The city will not simply see a space for artists to explore and expand their work, however. The tower in which the creative hub is to be housed will also be a source of residential real estate for Syneysiders. The $440 million, 67-storey development will house 490 residential apartments upon completion, with a 173-room hotel situated beside it.

Ms Moore pointed out that these were only some of the numerous infrastructure projects coming to the city, including a recently approved light rail project.

“In the last ten years the City of Sydney has approved $25 billion worth of development and the next ten years are set to be just as big – we know there’s an estimated $8 billion worth of development in Green Square alone.”

All of these changes have the potential to draw a lot more residents into the city, whether home buyers or renters. In any case, a higher demand for rental and residential properties will be good for investors – particularly when improvements raise prices from the already booming median value of $757,450, as calculated by RP Data.

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