Investment manager Barings has broken ground at its new $400m development in Waterloo. It is set to comprise 400 apartments and potentially accommodate over 1,000 residents in Sydney’s CBD.
Baring’s groundbreaking ceremony was attended by NSW Premier, The Hon. Chris Minns MP, representatives from Aware Super – which acquired the site in September 2023 -and the appointed construction partner DASCO Australia.
Located at 44–48 O’Dea Avenue, just north of Green Square in central Sydney, this significant 1.7-hectare mixed-use development is a milestone which contributes to the ongoing transformation of the Green Square precinct into a vibrant, high-density urban community centre.
“This development is a step forward in delivering more homes for the people of New South Wales. It will bring hundreds of new homes to Waterloo, supporting our vision of vibrant, growing communities in well-located areas.”
Hon. Chris Minns MP, Premier of New South Wales
Designed by a trio of award-winning firms – Koichi Takada Architects, Silvester Fuller, and Plus Architecture – this development is a bold vision for the future of inner-city living. The development masterplan aims to deliver a total of 400 apartments across five buildings, including studio, one, two and three-bedroom apartments.
“This is a significant milestone in the development of much needed housing in Sydney, and Barings is proud to be partnering with both Aware Super and DASCO Australia to bring this visionary precinct to life.
“We are also pleased to play a leading role, alongside Aware Super, in shaping central Sydney’s urban future.”
Alastair Wright, Head of Asia Pacific Real Estate, Barings
This Waterloo project also includes vibrant ground-floor retail and dining, together with new public streets and domain spaces – improving connectivity to Green Square train station and the future Waterloo Metro. With construction now underway, completion of Stage 1, which includes 216 Build to Sell apartments, is scheduled for early 2027.
Significant progress in housing supply is being made across NSW, reflecting a renewed focus on addressing housing needs through large-scale investment, planning reform, and accelerated construction.
“Aware Super is committed to helping address the housing shortage and supporting the communities in which our 1.2 million members live, work and retire.
“We’ve been investing in Build to Rent since 2018 and today is further proof of our commitment to delivering our members strong, long-term returns while also addressing one of the most pressing issues facing Australians.”
Deanne Stewart, CEO, Aware Super
This development forms part of a broader residential portfolio being delivered by Barings and Aware Super across Sydney and Melbourne, spanning both Build to Rent and Build to Sell schemes.
“We’re proud to bring our construction expertise to this landmark project and honoured to partner with Barings and Aware Super; a collaboration that reflects our shared commitment to quality, sustainability, and community impact.”
Michel Najjar, CEO, DASCO Australia
Backed by Aware Super’s $1.5bn commitment to residential property and a decade-long partnership with Barings, the broader portfolio reflects a shared vision for high-quality, sustainable housing that meets the evolving needs of urban communities.
“Housing is a basic human right and it is essential for a cohesive and economically successful city. More supply, at this scale, will help us meet important two targets.
“With about 400 apartments across five separate buildings, this is a massive undertaking that will bring new life to these streets and add to the vibrancy of the neighbourhood.”
Rt Hon Clover Moore AO, Lord Mayor of Sydney
With over 677 operational apartments across ten locations and seven longer-term development sites in the pipeline, including more than 1,919 homes under construction or in planning, Barings and Aware Super are helping shape the future of housing in Australia with a delivery target of 2,596 apartments.
