Lendlease will pay $200 million to the NSW Government for the right to develop the underground station, retail spaces and the 40-storey commercial building over the southern entrance.
The planned North Sydney hub is the second integrated station development in the $1.376 billion Sydney Metro City and Southwest project and will see the underground station and structure component developed simultaneously.
CEO of Building, Australia at Lendlease Dale Connor said the new station development will transform North Sydney and give greater access to transport opportunities.
“Lendlease is delivering the global trend of transport oriented development to Sydney. This gives people greater access to places where they want to live, work and play,” Mr. Connor said.
“Given north west Sydney is expected to grow to twice the size of Canberra, Victoria Cross Station will create a vital link to the Sydney CBD.”
As part of its agreement with Sydney Metro, Lendlease aims to improve pedestrian connections, retail opportunities and add to the area’s growing commercial and residential precinct.
Victoria Cross Station is already under construction, roadheader tunnelling machines are currently excavating the metro cavern beneath Miller Street in the suburb’s inner-north.
The project is one of 18 major urbanisation projects Lendlease is currently operating throughout Australia, Asia, Europe and the US.
More detailed planning for the development will be lodged for approval in May this year.