Waterloo Precinct Drops Office Component

Plans for a $900-million over-station development at Waterloo Metro Station are being revised to remove an office component in favour of residential accommodation. The joint venture between Mirvac and John Holland, operating as WL Developer, is seeking major amendments to the Northern and Central Precincts of the Waterloo Metro Quarter (WMQ) over-station precinct, citing a shift in market demand.

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The initial proposal, approved in 2021, included a 15-storey office tower, which was later expanded to 17 storeys. However, the developers have now submitted a scoping report via Urbis requesting to replace this with two residential apartment towers above a shared podium. The revised plans include a five per cent allocation for affordable housing.

In the Central Precinct, the developers propose replacing a planned residential tower with a 24-storey coliving apartment block. The building, branded with the Iglu student accommodation provider logo, will cater to 520 students and include communal indoor and outdoor spaces on levels 3 and 23, as well as shared amenities on each floor. The podium beneath the tower will house community facilities and a childcare centre.

The joint venture partners attributed these changes to a “fundamental shift” in office demand following the pandemic. “While the core Sydney CBD office market has shown resilience, there has been a considerable decline in demand for city fringe office space,” the scoping report stated. It noted that despite active marketing since 2020, tenant interest had been minimal. The shift towards residential also aligns with the NSW Government’s commitment to increasing housing supply under the National Housing Accord, which targets 377,000 new homes for the state.

Bates Smart has been engaged to design the revised proposal for the site at 150 Cope Street. Construction on-site is already underway, with the WMQ basement and the Southern Precinct—comprising a student housing tower and a social housing building—under development since early 2023.

The amendments at Waterloo Metro Quarter reflect a broader trend in major urban developments adapting to changing market conditions. Last year, Gazcorp replaced an office tower at its Emerald City project with build-to-rent apartments, Samma converted its Southbank office plans into affordable housing, and MAB Corp pivoted from office to residential at its Melbourne Docklands site.

The Waterloo Metro Station, which opened last year as part of Sydney Metro’s 30km extension from Chatswood to Bankstown, is expected to play a critical role in accommodating Sydney’s growing housing needs amid shifting commercial property trends.

Images via The Urban Developer

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