Brave Renewed World
Sydney Morning Herald
Thursday August 24, 2000
Rhodes Peninsula is undergoing detox to be reborn as thousands of shiny new dwellings.
URBAN renewal projects just keep getting bigger. Next will be the Rhodes Peninsula on the Parramatta River, which will dwarf the previous titleholders, Newington and Meriton's development at Moore Park, once the biggest.
More than 3,000 dwellings housing 6,300 people, as well as retail and office space, are planned for 43 hectares of industrial land between the Strathfield-Hornsby rail line and Homebush Bay. Development of the southern half of the site might start next year.
There are 2,000 homes at Newington, on the other side of Homebush Bay from Rhodes, and plans for 2,500 apartments on the 11-hectare Crown Square site opposite Moore Park, in Redfern.
Detailed plans for a range of housing styles up to 10 storeys, transport and community facilities, parks, shops, offices, cinemas and restaurants are expected to go on public exhibition soon.
"The Rhodes Peninsula is well located near the crossroads of major road and rail routes on the eastern side of the Olympics precinct and the geographic heart of Sydney," says Sue Holliday, the director-general of the Department of Urban Affairs and Planning (DUAP).
"The revitalisation of sites such as the Rhodes Peninsula is essential if we are going to maintain a compact and sustainable city area."
But first there will be the biggest clean-up of toxic land in Sydney's history, costing up to $100 million. The northern third of the site, once occupied by Union Carbide and Allied Feeds and now owned by the Waterways Authority and Bankers Trust, contains buried dioxins from industrial activity in the 1950s to '70s. An environmental impact study is due next year and, rather than remove the contaminants, chemical technology may be used to render them harmless.
So severe is this contamination that the State Government had to come up with novel incentives to make the site clean for development. The preferred contractor, to be announced soon, will be paid about $20 million and given title to part of the site for residential development. Work will start next year and take several years to complete.
Clean-up work has started on the less contaminated southern half, owned by chemicals maker Orica Australia, formerly ICI. McRoss Developments may start development on this site as early as next year.
The State Government removed Concord Council's planning powers for the site after it raised traffic objections and last November gazetted a regional environment plan. Soon DUAP will exhibit more detailed plans laying down development controls, community facilities, road and public transport improvements and open space requirements.
Buildings, mainly two-bedroom apartments, will range from four storeys near the waterfront to 10 storeys along the railway line to maximise views. Units will be designed for good solar access and cross ventilation.
There will be seven hectares of parkland including a foreshore walkway and cycleway connecting the railway bridge to the Olympics site.
A shopping centre, bulky goods outlet and offices at the southern end accessed from Homebush Bay Drive will provide about 2,400 on-site jobs. The Rhodes railway station will be upgraded for commuters.
GONE BUT NOT FORGOTTEN
Icon unveiled
The scaffolding is coming off the Alec Tzannes-designed Icon apartment block on the site of the old Evening Star Hotel in Cooper Street, Surry Hills. The 82-unit block uses a few trendy tricks such as a sliding wall between living and second bedroom to enhance the sense of space. There are display units by Tzannes and Scott Weston and prices start at $273,000 for one-bedroom units.
A COMING OF AGE
Buyers' agents get together
They are now a sufficient force in Sydney to form their own association - the Real Estate Buyers' Agents Association (9557 7444). Membership includes Finders Keepers, Sydney Homesearch and Buyer's Service for Real Estate.
BATTLE FOR HOME LENDING MARKET
Bank drops home loan rates
Non-bank lenders now hold nearly 15 per cent of the home lending market and the banks are fighting back. The Commonwealth Bank has announced an interest rate of 6.25 per cent for the first six months of a home loan before it reverts to the normal standard variable rate of 8.07 per cent. The loan establishment fee has been halved to $300.
The non-bank lender Enterprise Home Loans is offering 5.99 per cent for the first six months of a standard variable loan, then 7.99 per cent, with free conveyancing and no ongoing account fees. Another non-bank lender, RESI Home Loans, is crowing about awards for the best home loan from Personal Investment and Your Mortgage magazines. Points were awarded for being able to make additional payments without penalty, loan portability to another property, the maximum percentage lent without mortgage insurance, the ability to switch a fixed rate at no cost, and redraw, offset and line-of-credit facilities.
HOLDING ON TO THE MONEY
Investors more wary
Negative sentiment among investors about the NSW residential property market has reached a two-year peak, but more than half are still likely to invest in the next six months. A survey of 600 professional investors, advisers and lenders by commercial mortgage originator Ashe Morgan Winthrop found 33 per cent of respondents expect the market to worsen in the next six months. Only 5.5 per cent of respondents believe the residential sector is improving, says AMW's general manager, Brendan O'Sullivan. "Nevertheless, 51 per cent of respondents indicated they would definitely, or were quite likely to, invest in the market over the next six months."
ARCHICENTRE TO THE RESCUE
Boost your energy efficiency
More councils are demanding that new homes meet a 31/2-star energy efficiency rating. Accredited Archicentre architects are offering design advice to help meet the standard for a fee of $400 for a two-bedroom home. Plans are assessed and options given to improve energy efficiency - perhaps reorientation of the layout or extra windows and insulation. Phone 1300 13 45 13.
© 2000 Sydney Morning Herald