The 2006-2007 Annual Report details the work, achievements and relevant statutory and financial information of the Sydney Olympic Park Authority and The Parklands Foundation.
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19 July 2006
The Sydney Olympic Park Authority has heralded one of the largest corporate relocations ever seen in Sydney with news that the Commonwealth Bank of Australia will decentralise some 5,000 staff to Sydney Olympic Park over the next three years.
“This is a very clear indication of the Bank’s confidence in Sydney Olympic Park and is a crucial step in our plans to develop a world class business, residential and recreational precinct – a new town,” Chief Executive Officer for Sydney Olympic Park Authority, Brian Newman said.
The $300 million agreement will almost double the size of the workforce at Sydney Olympic Park.
The first building is currently under construction on a site located close to the Olympic Station and is being developed by Charter Hall / AMP. The seven-story development will see more than 24,000sqm of high quality office space created for the Bank’s call centre and training functions.
Two new buildings with a capacity of 37,000 sqm of net lettable area will be developed on two adjoining sites that will define the heart of Sydney Olympic Park’s new town centre. Construction work is expected to begin in a few months time. A fourth building of 20,000m2 NLA is under negotiation.
The Banks’ staff will progressively relocate to Sydney Olympic Park from mid 2007 to late 2009.
The Bank’s proposed office campus will create a number of benefits for the Park and its emergence as a new urban centre. In addition to new retail facilities, the Authority has secured significant improvements in public transport, including direct bus services from Hurstville and Chatswood with a maximum six-minute frequency bus service from Strathfield during peak periods. Workers will also enjoy a 10-minute public transport connection from Lidcombe to Sydney Olympic Park via either train or bus services.
The CBA development follows the recent announcement by one of Australia’s leading hotel chains, Accor, which will see the construction of a 156 room two-star Formule 1 and 212 room five-star hotel Sofitel hotel at the Park over the next two years.
“Sydney Olympic Park will soon be home to four hotels ranging in quality from 2-5 star, offering around 700 rooms to the business and leisure markets.” Mr Newman said.
By the year 2025 it is anticipated that Sydney Olympic Park will support a residential population of up to 15,000 and a daily population of over 20,000 workers and students.
Currently there are more than 60 businesses and 6,000 workers at the Park. For more information about the new development at Sydney Olympic Park visit www.sydneyolympicpark.com.au/development
Media Contact: Sydney Olympic Park Authority
Manager Media Relations - Bronwyn Edwards - 0419 292 205
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