The ‘Rich Street Innovation Hub’ in the inner-west Sydney suburb of Marrickville was pitched five years ago as a cultural precinct, seeking to encourage more diverse industries and drive local business and employment to the area.
The former industrial site, once home to a timberyard, was supposed to attract almost 500 artists, creatives, start-ups and designers and feature a community outdoor cinema, studios and pop-up galleries.
However, the 18-hectare development has now been placed on hold by Developer Danias Holdings.
Speaking with The Sydney Morning Herald, Danias Holdings CEO, Angelo Angelopoulos explained the reason behind the pause on works, citing a loss of potential tenants.
“Following approval, expressions of interest were sought from interested creative industry companies looking for long-term leases to locate in the hub. However, with the onset of the COVID-19 pandemic, all interested companies withdrew,” Angelopoulos said.
“Without a critical mass of tenants committed to long-term leases it is not possible to proceed with construction at this stage. We remain committed to proceeding with building the hub when market conditions improve.
“In the interim, some temporary sheds have been put on the site to provide some activation and improve the local amenity.”
The interim factory sheds are currently serving as food and beverage facilities, including an artisanal gelato production house.
News of the development’s delay has been met with disappointment by some locals, also grabbing the attention of Inner West Mayor, Darcy Byrne, who told The Sydney Morning Herald that a state government panel had approved the creative hub three years ago.
“The landowners promised the local community this would be delivered and they should keep their word and get the hub opened so that artists can make use of it,” the Mayor said.
SOURCE: Sydney Morning Herald
