New $299 million Waterloo Metro Quarter project awarded to John Holland and Mirvac

In a joint venture, John Holland and Mirvac have been awarded the $299 million contract to deliver the new metro station at Waterloo.

The entire $800 million Waterloo Metro Quarter project comprises five buildings, made up of three towers and two mid-rise buildings above and adjacent to the station.

Under the plan, at least five per cent of homes will be affordable housing and 70 apartments will be set aside for social housing.

There will be new community facilities, more trees planted, retail and office space and two new public plazas at Cope Street and Raglan Street. 

Minister for transport Andrew Constance said as part of a value capture agreement on Sydney Metro, the NSW Government will receive $106 million from the joint venture for the air rights to develop the site.

“This new station will transform the local area once it is complete, becoming a landmark in its own right,” Constance said.

“Waterloo station will give customers more public transport options as our Government continues to deliver new and improved connections for communities across the state.”

 Waterloo is one of five new Sydney Metro stations that will be integrated with the areas around them, with developments also planned at Crows Nest, Victoria Cross in North Sydney, Martin Place and Pitt Street.

John Holland was recently awarded the $828 million contract to deliver the Sydney Football Stadium after Lendlease pulled out because they said they couldn't deliver it in time or on budget.

John Holland CEO Joe Barr said the Metro project was a major milestone for the company as a whole.

“This project will transform Waterloo and improve community spaces in the inner city for generations to come.

"Our integrated team has worked together across development, investment and complex transport infrastructure to create an urban renewal project that will make commuting easier, create jobs, and improve community facilities. I could not be more proud,” Mr Barr said.

“Drawing on our recent experience in delivering Sydney Metro Northwest, we are excited to deliver not only a landmark station, but also a revitalised precinct for the community.”

Mirvac CEO and Managing Director Susan Lloyd-Hurwitz said the project was a “once in a generation” opportunity.

“Our vision for this precinct extends beyond the bricks and mortar; we will be a long-term investor in Waterloo and we are wholly committed to realising the potential of this site to help drive meaningful social renewal and enduring value for the broader precinct,” Ms Lloyd-Hurwitz said.

The Waterloo Metro Quarter concept comprises five building envelopes including three towers and two mid-rise buildings above and adjacent to the station.

Under the plan, at least five per cent of homes will be affordable housing and 70 apartments will be set aside for social housing. There will be new community facilities, more trees planted, retail and office space and two new public plazas at Cope Street and Raglan Street. 

The project has also committed to double the NSW Government’s targets for Aboriginal and Torres Strait Islander workforce participation and business spend. John Holland and Mirvac will invest up to $20 million in work with Aboriginal-owned enterprises, and double the Government’s Aboriginal workforce participation target to five per cent.

The project will create more than 2,000 jobs and is expected to be completed around the time Sydney Metro City & Southwest opens in 2024.