Frasers Property contributes $6 million to affordable housing

The Voluntary Planning Agreement (VPA) between Frasers Property and RWA will see the $32 million contribution allocated to create affordable housing in North Eveleigh over the next 5 years. Frasers Property committed to contribute these funds to RWA when it purchased the 5.8 hectare Broadway site in June 2007 for $208 million.

Frasers Property Managing Director Dr Stanley Quek said the on-schedule commencement of affordable housing contributions, paid yesterday, affirms the company’s intention to develop the Broadway site as planned.

“We’re on track to deliver all our community commitments on schedule, including the payment of affordable housing contributions and the completion of a 6000sqm public park by December 2010”, added Dr Quek.

The Frasers Broadway site has masterplan approval for a mixed residential, office, retail, entertainment and dining precinct, while preserving the site’s heritage and introducing parks and open space.

In May 2009 Frasers Property lodged the first Project Application (similar to Development Applications) to the NSW Department of Planning, for a commercial ‘campus’ designed by Foster + Partners. Located on the corner of Broadway and Abercrombie Street, the commercial campus will comprise 67,000 sqm of office space and 4400sqm of retail space over 15 levels and include the refurbishment of the Australia Hotel and several heritage terraces.

In June 2009 Frasers lodged a Project Applications for a 6000sqm public park, and associated road infrastructure, at the centre of the development.

Further Project Applications will be submitted in July 2009 for residential apartments and an apartment hotel.

Construction of Frasers Broadway is due to commence in 2010 and continue for 8-10 years.

The Voluntary Planning Agreement (VPA) between Frasers Property and RWA will see the $32 million contribution allocated to create affordable housing in North Eveleigh over the next 5 years. Frasers Property committed to contribute these funds to RWA when it purchased the 5.8 hectare Broadway site in June 2007 for $208 million.

Frasers Property Managing Director Dr Stanley Quek said the on-schedule commencement of affordable housing contributions, paid yesterday, affirms the company’s intention to develop the Broadway site as planned.

“We’re on track to deliver all our community commitments on schedule, including the payment of affordable housing contributions and the completion of a 6000sqm public park by December 2010”, added Dr Quek.

The Frasers Broadway site has masterplan approval for a mixed residential, office, retail, entertainment and dining precinct, while preserving the site’s heritage and introducing parks and open space.

In May 2009 Frasers Property lodged the first Project Application (similar to Development Applications) to the NSW Department of Planning, for a commercial ‘campus’ designed by Foster + Partners. Located on the corner of Broadway and Abercrombie Street, the commercial campus will comprise 67,000 sqm of office space and 4400sqm of retail space over 15 levels and include the refurbishment of the Australia Hotel and several heritage terraces.

In June 2009 Frasers lodged a Project Applications for a 6000sqm public park, and associated road infrastructure, at the centre of the development.

Further Project Applications will be submitted in July 2009 for residential apartments and an apartment hotel.

Construction of Frasers Broadway is due to commence in 2010 and continue for 8-10 years.

For more information about Frasers Property Australia, please visit www.frasersproperty.com.au

Source: http://www.frasersbroadway.com.au/broadway/PDFs/Frasers_$6M to affordable housing_1July09.pdf