Summit to discuss Bays Precinct revitalisation

The-Sydney-Harbour-will-likely-see-a-major-part-of-it-revitalised_157_77871_0_14100788_300Buyers of all kinds may want to keep an eye on the Bays Precinct reclamation project currently in its beginning stages in Sydney.

The New South Wales government will hold an international summit later this year, bringing together the world’s leading urban renewal experts on just how the revitalisation of the inner harbour area should go. The summit will take place on November 19 and 20 to coincide with the G20 conference taking place in Brisbane.

The project will be the largest single urban renewal program in the city since the 2000 Sydney Olympics. Recreational areas, as well as spaces for tourism, retail, maritime and commercial use will be created on the 5.5km of waterfront land. Most importantly for home buyers, there will be housing areas erected too.

“The Bays Precinct is just 2km west of the Sydney CBD, and presents possibly  the most exciting and ambitious urban renewal and city building opportunity in the world  today,” said NSW Premier Mike Baird in a July 17 statement.

“We owe it to future generations to make sure we get the renewal of such a significant area right.”

Mr Baird added that the Bays Precinct was currently run-down and unused, while also being four times the size of Sydney’s high-profile Barangaroo development, making its renewal imperative.

The Bays Precinct is comprised of 80 hectares of government-owned land and includes sites such as Glebe Island, the Sydney Fish Market and the heritage-listed White Bay Power Station. Its revitalisation has been described by Urban Growth NSW, the state’s urban transformation authority, as “a potential game changer for Sydney and the state of New South Wales.”

It’s not hard to see why. In Sydney’s thriving yet tight property market, the area has the potential to provide more residential living space for eager buyers. At the same time, the addition of another vibrant urban space to the Harbour City’s landscape may well increase the attractiveness of the city to home buyers looking for somewhere to settle down.

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