The Central Place Sydney project first emerged in 2022 as a joint venture between two major property groups, pitched as a premium office destination for local technology firms and a key driver of the city’s innovation economy. It sat within the broader Tech Central precinct, a high‑profile initiative backed by the NSW government and designed to cluster startups, scale‑ups and global tech companies around Central Station and neighbouring suburbs.
Under the initial plan, the project was expected to deliver more than 130,000 square metres of office space, making it the largest premium‑grade workplace in the precinct and a centrepiece alongside a separate $1.8bn 40‑storey tower that a major software company is developing with the same property partner. As leasing conditions softened and large corporate tenants became difficult to secure, the office‑heavy model stalled and the joint venture quietly abandoned the original scheme, reflecting wider challenges in less central office markets.
The state government has since acknowledged that its first Tech Central strategy fell short, and a 2024 refresh signals a more mixed direction. The district still aims to be an innovation hub of global relevance but now places greater emphasis on additional housing, including student and co‑living options. In practice, this means the part of the site controlled by one of the developers is being redesigned as student accommodation, even as nearby projects such as another mixed‑use complex from a private developer with hotel and office components struggle to secure pre‑committed tenants in a cautious market.
The new proposal involves converting the existing Henry Deane Plaza and Gateway buildings, each about eight storeys and previously used as offices but vacant since 2022, into co‑living towers geared toward students. Planning documents outline 554 rooms with roughly 692 beds, split across studio layouts, twin studios and shared cluster rooms, with completion timed to coincide with the neighbouring tech tower. Developers argue that, compared with speculative office space, student accommodation offers a more viable use for empty assets and better matches demand from nearby universities.
More broadly, the precinct is in transition. Tech Central still aspires to be an innovation hub, yet the balance between workplaces and homes is shifting as governments, universities and private developers respond to remote work trends, weak office demand and intense pressure for more affordable inner‑city housing. The evolving strategy appears likely to keep some space for innovation‑focused tenants, although the area seems on track to gain a stronger residential identity, raising open questions about how much of the original tech‑cluster ambition can be preserved as commercial realities reshape the skyline.
