Exclusive: DASCO secure Waterloo mixed-use development from Dahua Group
Builder developer Dasco has secured one of the most anticipated developments in Sydney's inner east.
The iCIRT-rated builder has secured a 1.7-hectare site at 903-921 Bourke Street, a former industrial site on the corner of Bourke, McEvoy and Young streets, which was sold with development approval for Young Street Village, a new mixed-use precinct with 376 apartments and retail and commercial spaces.
Dasco General Manager Michel Najjar said the company is acutely aware of the city’s chronic housing shortage.
"This is an opportunity to deliver a landmark lifestyle community that benefits from the highly desirable Redfern and Surry Hills villages that will be extremely popular with owner-occupiers, investors and tenants.”
The plans had been submitted by the Melbourne-based developer Dahua Group in early 2022, with approval from the City of Sydney Council coming just over a year ago.
The six buildings, four of which will be new and two heritage-listed buildings which will be restored, will be focused around a central plaza with retail space and new parks.
Two buildings will flank Bourke Street, one being the tallest tower proposed. Described as a stepped tower with family-targeted terraces which address the park, the building will have 147 apartments across its 20 levels.
Next door will be a six-storey plaza building with 26 apartments, defined as "quirky" by Bates Smart and Richards and Spence, who worked in collaboration on the tower and the plaza.
"The quirky 6-storey plaza building defines the heritage square, with clear reference to the industrial brick buildings of the past," the design statement as part of the development submission noted.
There will be a further two buildings facing Young Street, designed by architect Fieldwork in collaboration with MHNDU. They will have a combined 202 apartments, taking the total number of apartments across the precinct to 375 apartments.
At the foot of the two Young St buildings will be fit-out for another cafe or restaurant.
Two heritage buildings in the centre of the site will be retained, the 1922 Pumping Station and the 1935 Valve House.
"The Pumphouse is a convergence of geology and water, tracks and narratives, indigenous and non-indigenous peoples and cultures across the site," further documentation noted.
"It sees the transformation of a disused water precinct into a rich, active mixed-use proposition - where water continues to play an important role in recasting the identity of the precinct.
"At the heart of the proposal is a green oasis and oculus connection between a public ground plane, and a semi-public landscape terrace that serves the precincts residents.
"This oculus is designed to be populated on the ground plane with lively hospitality dining, and a visual connection back to the site’s heritage plaza."
Dasco's co-director, Daniel Nicolas, acknowledged the city’s housing crisis and the desperate need for a stronger pipeline of projects that will help alleviate rapidly increasing rents and provide a greater diversity of housing within the inner city.
“Research shows inner-city approvals have plummeted to record low levels in recent years and new project releases and completions have also stalled,” Nicolas said.
“All the metrics indicate there is a dire problem with low vacancy rates and soaring rents. Net overseas migration figures have returned to pre-COVID levels and the demand for quality residential living, particularly in this location, remains as high as ever from students, singles, couples and young families.
“With fewer development sites of this scale and calibre available in prime and prestigious locations, we see this as an essential opportunity for us to deliver an impressive legacy project.”
There were 2020 plans submitted by Dahua that would have seen higher density towers built, with 469 apartments across four buildings.