29 July 2025
Barings Celebrates Groundbreaking at Landmark Inner-city Precinct in Waterloo
Barings, one of the world’s leading investment managers, proudly celebrates today’s breaking ground at a transformative new A$400 million development in Waterloo, tipped to supply 400 apartments and potentially accommodate over 1,000 residents in Sydney’s CBD.
Located at 44–48 O’Dea Avenue, just north of Green Square in central Sydney, the project represents another step forward in addressing the city’s housing needs. 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.
Barings will deliver this project as the investment, development and asset manager for Aware Super’s direct residential portfolio in Australia.
Baring’s groundbreaking ceremony was attended by NSW Premier, The Hon. Chris Minns MP and The Rt Hon Clover Moore AO, Lord Mayor of Sydney, as well as representatives from Aware Super, which acquired the site in September 2023, and DASCO Australia, the appointed construction partner.
Premier of New South Wales, the Hon. Chris Minns MP said: “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.”
Barings Head of Asia Pacific Real Estate Alastair Wright said: “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.”
Aware Super CEO Deanne Stewart said: “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.”
DASCO Australia CEO Michel Najjar said: “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.”
The Rt Hon Clover Moore AO, Lord Mayor of Sydney said: “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 targets. With about 400 apartments across 5 separate buildings, this is a massive undertaking that will bring new life to these streets and add to the vibrancy of the neighbourhood.”
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.
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 project masterplan aims to deliver a total of 400 apartments across five buildings, including studio, one, two and three-bedroom apartments. This Waterloo project will also include 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.
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 projects.
Backed by Aware Super’s A$1.5 billion 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.
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.
Learn more about this project here: https://aure.barings.com/
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