PROGRESS IN SYDNEY

Otago Daily Times, Issue 22609, 28 June 1935, Page 11

PROGRESS IN SYDNEY

MANY NEW BUILDINGS £2,000,000 IN CITY AREA The face of Sydney is changing rapidly. Old buildings are being demolished and new premises, under modern methods of construction, are shooting up in their place (says the Sydney Morning Herald). By the end of this year there will be many important additions to the notable buildings of the city. A big improvement has taken place in the building and allied industries in Sydney during the last few months. Buildings being erected, or about to be erected, in the central city area, bounded by Bridge, York, Park, and Macquarie streets, will cost, it is estimated, at least £2.000 ; 000. Experts in the industry say they believe the aggregate value of the new buildings in the metropolitan area this year will be equal to the average of the " good " years from 1924 to 1928. Abundant money is available for investment in buildings which will show a reasonable return on capital. STEADY DEVELOPMENT. Sydney was rather slower than the other capital cities of Australia in recovering from the slump in the building trade which commenced in 1929 and continued, with fluctuations, until 1933. It was not until the latter half of 1934 that there was a definite forward movement in real estate investments in the city proper From June, 1934. until now there has been steady building development within the city. New buildings sanctioned by the Water Board in the metropolitan area for the first four months of 1935 were estimated to cost, when completed, £2,567,358, compared with £1,176,701 in the first four months of 1934. The total value of city buildings sanctioned from the beginning of January until the end of last month was £663,406, the amount for April being £338.593. or more than double the total of the previous three months. Buildings now being erected in the central city area include the offices for the Railway Commissioners in York street. This building is to be 150 ft high and will cost more, than £250,000 when completed. The Railway Commissioners have also commenced work on the entrances to Wynyard station from George street. This will do away with the present ramps, and provide four approaches to the station—two being 25ft wide and two 20ft. HOSPITALS AND HOTELS. Proposed additions to the Sydney Hospital buildings represent over £IOO,OOO. Extensions are also being made to other pitals. Many important hotels are being rebuilt or remodelled. There is no diminution in the building of new flats. Many of these have been built recently as a speculation and have been sold at a profit owing to the rapidity with which all the flats have been let to tenants. This has led to the demand for additional and larger flats in almost all suburbs within easy reach of Sydney.