24-hour trading in Sydney’s CBD could have a positive impact on commercial property

The City of Sydney is considering changes to its late-night planning controls that would breathe new life into the city’s business precinct and as a result, could be a win for the commercial property values, say experts.

“More than 10,000 people told us they want Sydney to have a diverse and exciting night-time economy with events and activities for people of all ages and interests. What they don’t want is a city that is unsafe or that shuts down as soon as the sun goes down,” said Lord Mayor Clover Moore.

The 24-hour trading zone would stretch from Darling Harbour to Hyde Park and Central Station. The new rules would allow low-impact businesses along village main streets and will establish new late-night trading area in Barangaroo, the Green Square town centre, Walsh Bay, Waterloo’s Danks Street, and the area surrounding Zetland’s East Village shopping centre.

Deloitte’s study of the city’s underdeveloped nightlife made the City of Sydney renew its focus on making changes to its controversial late-night planning controls. According to the report, the city was losing out on roughly $16 billion a year.

“A vibrant night-time economy creates a range of opportunities for providers and users – from 24-hour gyms and supermarkets to late-night art galleries, to extended shopping and transport choices,” the report said.

Image source: Guillaume Lorain

Article source: https://www.realcommercial.com.au/news/sydney-24-hour-trading-plans-will-be-a-boon

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