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Martin Place may get new metro station, towers and shops

Friday, 17 Mar 2017 10:41:12 | Lucy McNally

The plans (pictured) are inspired by overseas transport hubs in London and New York. (Supplied: Macquarie Group)

Sydney's Martin Place could get a brand new metro station and office towers with terrace shops, under a new building proposal by the Macquarie Group that's being considered by the State Government.

The bank said the proposal channels the look and feel of major overseas transport hubs, such as New York's World Trade Centre and London's Canary Wharf.

Macquarie would build the new metro station, and in return it would lease out the space for retail and corporate offices.

It would include an "all-weather walkway" from Martin Place to Hunter Street, and an underground public concourse that would require tunnelling under Macquarie's heritage-listed headquarters.

The project would integrate the metro station with the existing train station, and feature two commercial office towers as well as shops and restaurants on elevated street terraces.

An executive director in Macquarie Capital, Will Walker, said it would revitalise the city.

"Our proposal has been strongly influenced by the City of Sydney's 2030 plan, which outlines what Sydneysiders want from their city," he said.

Martin Place Metro Hub towers Photo: Two commercial office towers, shops and restaurants would also be featured. (Supplied Macquarie Group)

The bank submitted its vision through the unsolicited proposal process, which is when a proponent approaches the government with a unique value-for-money proposal.

The Transport Minister Andrew Constance issued a statement saying the government welcomed the proposal.

"While construction on the new metro tunnels begins next year, there's still a way to go before any agreement can be finalised," Mr Constance said.

The proposal shows what could be achieved at the new metro station, but before any arrangement is given the green light the details need to be considered to ensure value for money for taxpayers before being approved by NSW Cabinet."

But Labor's Planning Spokesman Michael Daley questioned why the proposal was being considered through the unsolicited proposal process.

"With unsolicited proposals the public never gets to know the numbers behind the deal, they never get to know whether it is the best value for government," he said.

"I think this government relies too much on unsolicited bids — we've had unsolicited bids for NorthConnex [Project] and other projects around Sydney."

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