Construction set to start on International Convention Centre Sydney project

Construction is due to start this week on the $2.5 billion transformation of Sydney's Darling Harbour, after the NSW Government and the Darling Harbour Live Company finalised the Public Private Partnership (PPP) that will redevelop the site with the Darling Harbour Live Company.

With the Australian Stock Exchange advised of the PPP between Infrastructure NSW, the Sydney Harbour Foreshore Authority and the Darling Harbour Live Company (comprising Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless), development of 20 hectare site can now begin.

By the end of 2016, a 20-hectare precinct - known as 'Darling Harbour Live' will be home to the new $1 billion International Convention Centre Sydney (ICC Sydney), plus a premium harbour side hotel. A new neighbourhood with offices, residential, cafes and shops will also emerge progressively on the site of the existing Sydney Entertainment Centre, which will remain open until 2015.

Announcing that the Darling Harbour Live project company will begin site preparation works inside the existing buildings tomorrow (Monday 9th December), acting NSW Premier Andrew Stoner stated "we are one step closer to delivering the most exciting transformation of Darling Harbour in a generation.

"With final planning approval granted for the core facilities, construction will now begin on the newest, biggest and best exhibition and convention facilities in Australia.

"Over the next three years, Sydneysiders will see up to 10 cranes dot the skyline as Australia's largest and first integrated major event facilities begin to emerge.

"Locals and visitors alike will benefit from increased parkland and improved pedestrian connections from Darling Harbour to Chinatown, Ultimo and Pyrmont.

"The transformed precinct will generate $5 billion in economic benefit during the next 25 years, and provide 3700 jobs during construction and a further 4000 jobs on completion."

The core facilities are expected to create about 1,600 jobs during construction, and employment for about 1,750 people when operating.

Lend Lease estimates the end development value of the hotel and new city neighbourhood will reach $1.5 billion. These two developments are separate commercial agreements from the PPP.

Acting Premier Stoner said finalising the financial arrangements for the PPP component of Darling Harbour Live was an important milestone for the project as well as the State's massive infrastructure agenda, adding "this Public Private Partnership ensures the Government retains ownership of the convention, exhibition and entertainment buildings but benefits from the project company's skills and finances to deliver the benefits as soon as possible."

The Sydney Convention and Exhibition Centre is holding its final event tonight (Sunday 8th December).

New video animation of the completed precinct can be viewed at www.darlingharbourlive.com.au

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