Just before Christmas, the NSW Government awarded a $299 million contract that will see the new Waterloo station on the second phase of the Sydney Metro line built along with a range of other uses on site.

Site preparation works have been ongoing, however, John Holland will build the new metro station on the block bounded by Cope Street, Raglan Street, Botany Road and Wellington Street in Waterloo and Mirvac will develop the 5 buildings set to rise on the site after the underground station is built.

Dubbed Waterloo Metro Quarter, the NSW government stands to benefit through capturing $106 million from the joint-venture partners for the rights to develop the station. The development will include 70 social housing units and 5% of all other units will be set aside for affordable housing.

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. Sydney Metro/NSW Government media release

Image: Sydney Metro/NSW Government

The anticipated value of the development is $800 million and Mirvac intends to complete all components of the project within the next 5-6 years.

The integrated development will furthermore include office and retail spaces that Mirvac will manage long-term and the listed-developer will seek a 50/50 capital partner for the ownership of those project components.

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. The ability to deliver a progressive, urban development of this calibre, is underpinned by our wealth of experience at the forefront of the industry, together with our unique end-to-end capability susan Lloyd-Hurwitz, CEO of Mirvac

Waterloo is no stranger to new development with 23 projects currently on the Urban database. Most of the existing pipeline is concentrated to the south and east of the new metro station site.

The second phase of the Sydney Metro project, also known as the Sydney Metro City & Southwest project, also hit a new milestone the first of TBMs reaching Barangaroo on Sydney CBD's northwestern flank.

The TBM named Nancy breached the station pit wall at Barangaroo in mid-December after having started its journey in Marrickville 15 months earlier in September 2018. The second TBM, named Mum Shirl, is on the final stretch of its journey approximately 250m from the Barangaroo station pit according to the Sydney Metro TBM tracker.

Image: Sydney Metro/NSW Government

When complete, the entire line will stretch from Tallawong in Sydney's outer northwest to Bankstown in the middle ring, southwest of Sydney CBD. The line will measure 66km in length, include 31 new stations and driverless trains will run on 4-minute peak and 10-minute off-peak frequencies.