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December 12, 2012

Destination Sydney consortium to deliver new entertainment precinct in Australia

The New South Wales Government in Australia has selected the Destination Sydney consortium as the preferred bidder to deliver the A$1bn ($1.05bn) Sydney international convention, exhibition and entertainment precinct (SICEEP).

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The New South Wales Government in Australia has selected the Destination Sydney consortium as the preferred bidder to deliver the A$1bn ($1.05bn) Sydney international convention, exhibition and entertainment precinct (SICEEP).

SICEEP will run north-south from Haymarket through to Cockle Bay, and east-west to Ultimo on the Darling Harbour.

The Destination Sydney consortium comprises Lend Lease, Hostplus, Capella Capital, AEG Ogden and Spotless.

The consortium will work with Infrastructure NSW (INSW) to enter into a A$1bn public private partnership (PPP) to design, construct, finance, maintain and operate the convention, exhibition and entertainment facilities.

As per the consortium arrangement, Lend Lease’s infrastructure development business Capella Capital will act as PPP development manager and financial advisor.

Lend Lease’s project management and construction business will design and build the project.

Lend Lease will also work with INSW to sign project development agreements to develop a mixed use site of about 5ha near the SICEEP site with an expected end development value of over A$1.5bn.

The mixed-use site will feature a 900-room hotel, the Haymarket site, approximately 1,400 residential apartments and 23,000m² of student accommodation.

The site will also feature 7,000m² of retail, 15,000m² of commercial space, a 400-bay public car park, and up to 2,000m² of community space and public realm upgrades.

Lend Lease chief executive officer of construction and infrastructure Mark Menhinnitt said, "At the completion of this project, Haymarket will become Sydney’s innovative district, anchored in knowledge, innovation, media and technology."

Financial close on the project is anticipated in late 2013 and construction is scheduled to start in December 2013.

In November 2012, Lend Lease secured a A$140m contract from Cbus Property to construct Melbourne’s new City West Police Complex.

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