Sydney waterfront to get $6bn facelift

DEVELOPMENT: Lend Lease has been given the green light for stage one of its $6bn Sydney waterfront development

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Australian developer Lend Lease has won the right to carry out the first stage of a A$6 ($NZ7.59 ) billion facelift planned for Sydney's waterfront, which is billed as Australia's answer to New York's Central Park.

The Barangaroo project, named after an Aboriginal woman who lived in Sydney during early white settlement, aims to turn 22 hectares of dockland into a new precinct featuring sprawling parkland surrounded by offices, apartments, hotels and shopping.

``Barangaroo is one of the most valuable city waterfront opportunities anywhere in the world,'' Lend Lease Chief Executive Steve McCann said in a statement on Monday announcing the contract win.

Lend Lease, which is also involved in developing London's Elephant & Castle area and 2012 Olympic village, said the first stage of Barangaroo would involve developing 7.5 hectares, including 2.6 hectares of public realm and open spaces.

To secure development rights, Lend Lease has agreed to make payments worth several hundred million dollars to the New South Wales state government over eight years, phased to coincide with the development timetable, including about A$100 million in the first 18 months, the firm said.

Construction is due to start in 2011, with the entire project taking 10 to 15 years to complete.

- Reuters