The 200-year-old Hyde Park Barracks is raising nearly $20 million towards its future conservation by selling its air rights - or unused development space above the building - to private developers for use elsewhere in the city.
The air rights were sold to three different developers, including Lendlease, for between $1000 to $1500 per square metre for developments in other parts of central Sydney.Under City of Sydney planning regulations developers can purchase heritage floor space from registered buildings like the Barracks in order to gain approval to supplement their existing floor space. The space above the existing building will never be developed.
The money will fund the conservation of the Francis Greenway designed building which received UNESCO world heritage listing with 10 other Australian convict places and institutions, including Port Arthur, in 2010. The very modern funding deal coincides with the 200th anniversary today of Governor Lachlan Macquarie's announcement of the first living arrangements for the newly completed barracks.
While this "indulgence" might have been expedient at the time, the rapid increase in the population had rendered it in "some degree the source of many evils".
Source: Law Daily Report (lawdailyreport.net)
we needed to vote out the LNP Government another 4 years of stealing from the people
I assume the air space rights are transferable for use at another site, rather than seeing a high rise on top of the Barracks
Remind me again how much GladysB is happy to blow on a stadium but our Sydney history has go to the marketplace to look for funding ...disgraceful. CloverMoore
What else can the liberals sell
What a rort this airgate is?
What rubbish, where is all are tax money going?
Air rights! Now that’s the biggest load of BS I’ve heard in a while!
You'll never fit a casino in there!
FFS what next - another massive joke played on the residents of NSW.
Airgate
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