Sydney’s Western Harbour (the Precinct that spans 7kms of Harbour front from Walsh Bay and Barangaroo Headland, King Street Wharf, Cockle Bay, Darling Harbour, around the Pyrmont Peninsula to the new Sydney Fish Market site at Blackwattle and Rozelle Bays), has been identified to accelerate the introduction of the “Business Improvement District” (BID) place management model in Australia.
The BID model approach has a proven track record of transforming the experience, performance and value of some of the world’s most famous and best-loved city precincts, from the Meatpacking District in New York City, to London’s West End.
This groundbreaking Sydney BID pilot is set to be supported by both the NSW Government, and the City of Sydney, with both committing to provide seed funding and to participate in the BID’s program of work.
The BID’s work program, which is being finalised in consultation with local communities and
businesses, is expected to include a new Harbour Festival for Sydney, enhanced Precinctwide digital and data management capability, improved access arrangements to, from and within the Precinct, and the creation of a cohesive recognisable identity for the Precinct that links to its existing sub-precinct brands.
NSW Treasurer Dominic Perrottet said: “There is huge potential for a revitalised Pyrmont and Western Harbour precinct to be a significant driver of economic growth and jobs in Sydney and NSW. For too long the precinct has been a poor cousin of the Sydney CBD, and the NSW Government is supportive of this effort to attract new investment, businesses, talent and visitor attractions to reinvigorate the area.”
“The NSW Government is making significant investments in the precinct, including the new Sydney Fish Markets and a planned station as part of Sydney Metro West, with the NSW Department of Planning currently preparing master plans for the Pyrmont Peninsula and to help unlock its full potential.”
The NSW Government’s 2020-2040 Economic Development Strategy for the Pyrmont Peninsula estimates continued investment in the area could result in an increase of up to 23,000 new jobs in the area and an economic output of up to $4.9bn per year by 2041 compared to current levels.
PwC, in a report commissioned by the Western Harbour Alliance, estimated the precinct could generate a further $2bn per year if the whole Western Harbour Precinct were to be aligned with a clear strategic purpose and vision.
Sydney Lord Mayor Clover Moore added: “With its many business, academic, entertainment and cultural assets, set amongst wonderful heritage and waterfront precincts, the Western Harbour is a real jewel of our global city.”
“We are pleased to support and participate in this initiative, which we hope will further bring together residents, visitors, students and businesses large and small to make the Western Harbour an even more loved and internationally recognised waterfront.”
Geoff Parmenter, Chair of the newly formed Sydney Western Harbour Business Improvement District Company said, “The Western Harbour has extraordinary assets in a location that would be the envy of any other city in the world. The exciting opportunities created by several billion dollars planned investment over the next five years and the introduction of a Pyrmont Metro station, mean that the timing of establishing a Business Improvement District is perfect. The BID can be the catalyst – as has been the case elsewhere in the world – to bring the Western Harbour to its appropriate place as Sydney’s new ‘shopfront’, and one its best known and most loved destinations.”
“With the combined support of the major businesses across the Precinct, the NSW Government, the City of Sydney and local business and residential communities, the Western Harbour has the chance to emulate the extraordinary success of the Business Improvement District approach in other global cities.”
“Coming on top of the NSW Government’s Pyrmont Peninsula Place Strategy and its Economic Development and 24-hour Economy Strategies, together with the vital need for a vibrant Western Harbour as a driver of Sydney’s COVID19 recovery, this is a unique opportunity to positively shape our city. We have a springboard of several years’ work already, and the chance to learn from many BIDs already operating successfully around the world,” he added, “2021 can be a ‘moment in time’ for the Western Harbour and we can’t wait to get started”.
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