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Billbergia Group and alternative asset manager Metrics Credit Partners have made an early start to construction after securing City of Sydney approval for Castlereagh Place, a $3.5 billion mixed-use development comprising two 82-storey towers that will rank among the tallest residential buildings in the city.
The joint venture, which acquired the 6,000-square-metre amalgamated site fronting Castlereagh, Pitt and Liverpool Streets in 2024, says demolition and early construction works have commenced on the project.
Castlereagh Place will deliver 607 luxury residences, a 209-room luxury hotel, a 1,000-square-metre civic park and a network of activated laneways through the site.
Billbergia Group director Joseph Kinsella says the project will transform a significant block in Sydney's southern CBD.
“Castlereagh Place is designed to be the city's next great urban oasis - an energetic mixed-use precinct that pulses with life, day and night. It will bring the vibrancy of places like Barangaroo and Darling Quarter into a more accessible, central destination at the very heart of Sydney,” says Kinsella.
"It will build on Sydney’s growing laneway culture with the city’s largest network of new activated lanes - an expanded, next-generation take on precincts like Angel Place, Palings Lane and Ash Street in Wynyard."
The twin towers are described as having more floors than any other residential tower in the city.
The development will sit across a site that spans three major CBD streets, with the civic park and laneway activation designed to create new pedestrian connections through the block.
Melbourne-headquartered Metrics Credit Partners, which manages more than $18 billion in assets, is partnering with Billbergia on the project as part of a broader push into large-scale development financing.
Metrics managing partner and group CEO Andrew Lockhart says the approval marks a significant milestone for the joint venture.
“Castlereagh Place is a landmark project that will redefine Sydney’s skyline," he says.
"As the tallest residential high-rise development, the revitalised site will offer panoramic views across the CBD and surrounds.
"We are excited to partner with Billbergia to reinvigorate an underutilised site and create a sophisticated and contemporary mixed-use offering situated in the heart of Sydney.”
The architectural design is led by fjcstudio, the practice behind landmarks including the Infinity by Crown Group tower and the Sydney Theatre.
"Castlereagh Place is a city-making project of significant scale and ambition," says fjcstudio design director Richard Francis-Jones.
"It will create a rich urban complex of public open spaces, landscaped gardens, and vibrant laneways.
"Defining these new public spaces and the important streetscape of Castlereagh Street is a sequence of fine-grained, diverse retail and hotel architecture designed in collaboration with Aileen Sage, Polly Harbison Design and Trias."
The approval adds to a pipeline of major projects for the Billbergia-Metrics partnership.
The joint venture is also behind Concord Central, a $2.2 billion development in Sydney's inner west, and Chatswood Grand Residences, a $1.3 billion project on Sydney's north shore.
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