Central Park

Sydney – 17 April 2009 – In response to reports appearing in today’s media in respect of the Frasers Broadway development (the old Carton United Brewery site), Frasers Property makes the following clarifications.

The programme of works is unchanged. Demolition and remediation is continuing until mid-2009 and preparation of Project Applications for individual buildings is still in progress, with construction proceeding over a period 8-10 years, commencing in 2010.

Frasers Property acknowledges that these are challenging times for the development industry with reduced access to project funding for large scale developments. Frasers continues to believe in the viability and substantial community benefit of the Frasers Broadway project and is
continuing to work towards its realisation.

In summary:

Works on site are continuing:

- Demolition, site remediation and archaeological investigation works continue on-site as originally scheduled, to complete mid-year.

- It is not correct to characterise construction as ‘on hold’, as no approval has yet been sought or received for construction to commence.This will be requested following the receipt from the Department of Planning of approval of Project Applications for each of the individual buildings proposed on the site.
 
The planning and approval process is continuing:
- Approval of the amended concept plan was received in February 2009.

- In March 2009 the subdivision application to give effect to the concept plan was lodged with the City of Sydney.

- The preparation of Project Applications (PAs or DAs) for individual buildings continues as scheduled, for submission mid-year. The team of international and local architects working with Frasers on these applications remains in place. Approval of these PAs by the NSW
Department of Planning may take 4-6 months, and construction works can not begin until these PAs are approved.
 
Frasers’ community commitments are unchanged and will be delivered as scheduled:

- Balfour Park will be completed by December 2009.

- Main Park will be completed by December 2010.

- Affordable housing contributions to the Redfern Waterloo Authority will be paid as scheduled, commencing with $6M this year.

- Frasers has also encouraged the use of undeveloped parts of the site for transitional community activities. FraserStudios (a visual and performing arts space on Kensington Street) has been underway for 6 months and will continue well into 2010. Frasers has offered space to a local community food co-op and proposals for other temporary uses for
parts of the site in later stages of development are being considered.

For media brief please click here