Seven thousand square metres of retail will make up part of Lend Lease’s latest $1 billion-plus project.
The property group has been selected by the NSW government to design, construct, finance, maintain and operate the new Sydney International Convention, Exhibition and Entertainment Precinct (SICEEP).
It is part of the Destination Sydney consortium consisting of Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless.
In addition, Lend Lease will work with INSW to develop a mixed use site of approximately five hectares adjacent to the SICEEP site with an anticipated end development value in excess of $1.5 billion.
The mixed use site includes a hotel of up to 900 rooms and approximately 1,400 residential apartments, 23,000sqm of student accommodation, 7,000sqm of retail, 15,000sqm of commercial space, a 400 bay public car park, and up to 2,000sqm of community space and public realm upgrades.
Lend Lease Group chief executive officer and managing director Steve McCann said the group was very pleased to be selected as the Government’s partner for this city-shaping initiative at Darling Harbour.
“We are excited to be part of the winning consortium and are looking forward to continuing to work with the Government to achieve the best results for the people of NSW,” he said.
The new convention, exhibition and entertainment facilities will be built north of Pier St, while the new urban neighbourhood will be created south of Pier St on the site of the existing Sydney Entertainment Centre and car park.
Premier Barry O’Farrell said the transformation of a 20-hectare precinct at Darling Harbour, stretching from Cockle Bay to Haymarket and Ultimo, would generate about $5 billion in economic benefit for NSW.
“The redevelopment goes far beyond improving facilities – it’s also about re-shaping the city. Darling Harbour already attracts 25 million people a year and this development will create a more vibrant place on Sydney Harbour,” he said.
“This development creates a cosmopolitan neighbourhood in the heart of the city at The Haymarket that is humming with life seven days a week. The Haymarket will also be known as a thriving technology precinct with IT businesses and an ‘IQ Hub’ that is aligned with the University of Technology Sydney and focused on helping start-ups.”
The existing Sydney Convention & Exhibition Centre will close December 2013. The new facilities and the improved public spaces at Darling Harbour will be opened in December 2016. Construction will commence on The Haymarket in 2014, allowing the existing Sydney Entertainment Centre to remain open until December 2015.