Sydney’s CBD is set to gain its tallest residential towers, with the City of Sydney approving the $3.5 billion Castlereagh Place development by joint venture partners Billbergia Group and Metrics Credit Partners. Demolition and early construction works have already commenced on site.

The project was reported by Sourceable and independently confirmed by The Urban Developer, which also noted the joint venture paid a reported $500 million for the 6,000 square metre site in 2024. The block spans eight amalgamated lots fronting Castlereagh, Pitt and Liverpool Streets and is described as the largest amalgamated land parcel in the Sydney CBD.

The two 82-storey towers will deliver 607 luxury residences across 299 three-bedroom-plus apartments, 198 two-bedroom units and 110 one-bedroom configurations, along with a 209-room luxury hotel in an eight-level podium. Ground-level features include a 1,000 square metre civic park and a network of activated laneways linking the three surrounding streets. The public domain has been redesigned to deliver 60 per cent more open-to-sky space than the original scheme.

Joseph Kinsella, Group Director of Billbergia, said the precinct was designed as the city’s next landmark mixed-use destination. “Castlereagh Place is designed to be the city’s next great urban oasis, an energetic mixed-use precinct that pulses with life, day and night,” Kinsella said. Andrew Lockhart, Managing Partner and Group CEO of Metrics Credit Partners, which manages more than $18 billion in assets, described it as “a landmark project that will redefine Sydney’s skyline.” The design was handled by fjcstudio in collaboration with Trias Studio, Aileen Sage and Polly Harbison Design, who jointly won an international design competition for the project in 2018.

For Sydney tradies, the pipeline of work is substantial. A project of this scale means years of subcontractor demand spanning excavation, structural concrete, steel, hydraulics, electrical, mechanical, facade and interior fit-out. The Billbergia-Metrics joint venture’s broader NSW portfolio adds further depth, with the $2.2 billion Concord Central in the inner west and the $1.3 billion Chatswood Grand Residences on the north shore also in the pipeline, bringing the pair’s combined active project total to roughly $7 billion across the state.

With demolition already rolling on the Castlereagh Street site, trades looking for work in the Sydney CBD should watch this one closely over the coming months as early civil and structural contracts come to market.

Frequently asked questions

How tall will the Castlereagh Place towers be?

Each tower will rise 82 storeys, which the developer claims makes them the tallest residential towers currently in the Sydney CBD.

How many apartments will Castlereagh Place include?

The development will deliver 607 residences in total, comprising 299 three-bedroom-plus apartments, 198 two-bedroom units and 110 one-bedroom configurations.

Who is developing Castlereagh Place?

The project is a joint venture between Billbergia Group and Metrics Credit Partners, which reportedly paid $500 million for the site in 2024.

When will construction work begin at Castlereagh Place?

Demolition and early civil works are already underway. Early structural and civil subcontracting packages are expected to come to market in the coming months.

Sourced from Sourceable, The Urban Developer, Business News Australia. Original article.