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AMP Capital has received Stage 2 Development Application (DA) approval for its landmark Quay Quarter Sydney precinct in Circular Quay.

The development approval includes the new 49-floor premium commercial office Quay Quarter Tower at 50 Bridge Street in addition to three new mixed use buildings: 9-17 Young Street, 2-10 Loftus Street and 16-20 Loftus Street.

Spanning a site area of 11,000 square metres, the proposed development includes a diverse mix of commercial, retail and residential uses including specialty shopping, cafes, restaurants and bars, with a focus on niche retailers and one-off experiences.

AMP Capital Managing Director Office & Industrial Louise Mason said: “We are delighted to have achieved Stage 2 DA approval for Quay Quarter Sydney. This is an exciting milestone for the project as we continue to work towards the next steps, with construction earmarked to commence in 2018.”

In a commitment to design excellence, a group of Australia’s most significant and emerging architects were selected to design the buildings on the Young and Loftus Street site including SJB, MAKE Architecture, Silvester Fuller and Carterwilliamson.

Together with 3XN, Masterplan architects for the precinct and architects for Quay Quarter Tower, this will create an important injection of architectural character into the city, making Quay Quarter Sydney one of the city’s most architecturally diverse precincts.

Five laneways will also be created including the reinstatement of Goldsbrough Lane, an east-west link between Phillip and Young Streets, providing a new public walkway with views towards the surrounding heritage buildings including the Police and Justice Museum, Customs House and Hinchcliff House.

Ms Mason said: “Quay Quarter Tower will result in a stunning new building on the Sydney skyline that sets new benchmarks in premium office tower design globally and provides a compelling investment opportunity for our clients.

“The precinct will cater to all times of the day, from workers buying a coffee on their way to the office through to family day-trippers, evening diners and late night supper seekers. The development will bring about a major revitalisation of Circular Quay, elevating the area to its rightful status as the gateway to Sydney.”

50 Bridge Street is jointly owned by investors in the AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund.

Construction is expected to take approximately three years to complete.

For more information, please visit the Quay Quarter Sydney website www.quayquartersydney.com.au