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Roads were blocked off around the apartment.Credit:AAP

A number of residents fled the building after hearing"cracking noises"throughout the morning,police said in a statement.

Fire and Rescue NSW and police attended the scene and after establishing the presence of a crack on Level 10 of the building,evacuated the remainder of the residents,setting up a 250-metre exclusion zone.

Police said engineers had informed them the building had moved 1-2 millimetres but it was unclear whether further movement had occurred or would potentially occur.

In addition to the exclusion zone,water and gas have been shut off and the tower was being isolated from the power grid as engineers were sent into the building to assess the structural integrity,Mr Wright said.

"Fire and Rescue have deployed laser building monitoring equipment to check for movement,"he said.

"Engineers have indicated that the building may have moved up to 2 millimetres."

Residents from nearby properties were also evacuated from the area.

The 33-storey Opal Tower was completed in August.Credit:AAP

Meriton,the operator of the nearby Botania building,told residents in an email that as"there is a potential for the tower to collapse,a 1-kilometre radius has been evacuated".

Botania resident Roman Teslyuk,26,said he and his wife Christina,27,were on their way home from lunch when they noticed all roads were blocked off and police were guarding the entrance to their own building.

"We had a dog in the apartment,"he said."The cops at the entrance said if it’s a child they would get it out but if it’s a dog they wouldn’t."

The couple were told to expect to wait 1-4 hours,but that it could be as long as"a couple of days"before they can go back inside,depending on the verdict from engineers.

Meanwhile,police were documenting children from a nearby childcare business as they were taken from the scene. A total of 55 children were evacuated to another building before being released to their families.

An evacuation centre has been set up for residents at the Royal Agricultural Society Centre,with welfare services on hand to assist with rehousing.

Earlier,a limited train service between Lidcombe and Olympic Park was suspended as a precaution. It later resumed. Extra buses are also in place,but commuters should still expect delays.

Route 526 buses were also being diverted away from Australia Avenue,missing four stops.

The emergency began just hours before a Sydney Thunder vs Sydney Sixers BBL cricket match was due to start at the Olympic Park Showground.

Opal Tower is a brand new"family friendly"high-rise development containing 392 apartments of between one and four bedrooms,designed by Australian architecture firm Bates Smart and built by Icon Construction.

The development,which was completed in August,includes a retail precinct and childcare centre for 80 children.

It is one of five residential towers to be built at Sydney Olympic Park by developer Ecove,which is also behind the One30 Hyde Park tower in the CBD.

A spokesman for Ecove said"we are aware of the concerns that have arisen with the Opal Building and confirm that the builder has been notified."

The Sydney Morning Herald has approached Bates Smart and Icon Construction for comment.

with AAP