Construction has commenced on Sydney’s new world-class convention, exhibition and entertainment venues, part of the NSW Government’s AUS$2.5bn transformation of Darling Harbour.
Darling Harbour Live, comprising Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless, will deliver three new buildings, inviting public spaces and convenient pedestrian connections, all by the end of 2016.
General Manager of Darling Harbour Live, David Lovell, said:
This is a major milestone in a significant infrastructure project for the State. We are thrilled to be entrusted with the responsibility to transform Darling Harbour to drive economic benefit, tourism and jobs growth in the NSW economy.
International property and infrastructure group Lend Lease is providing 50% of the equity funding for the project, alongside industry superannuation fund HOSTPLUS. Capella Capital, Lend Lease’s infrastructure development business, is the project’s development and finance manager, and Lend Lease is also undertaking design and construction management.
Managing Director of Lend Lease’s Building business, Murray Coleman, commented:
We are delighted to be working with the State to revitalise 20 hectares of Darling Harbour. Lend Lease has proven experience in successfully delivering great places here in NSW and around the world. We will create world-class venues, great public spaces and new parkland that will revitalise Darling Harbour and reconnect it into surrounding areas.
Our Project team has done a terrific job in successfully demolishing the old buildings and preparing the site for construction. Safety is Lend Lease’s first priority and we have safely completed around 50,000 hours of work over the past six months. We have also achieved a positive sustainability outcome, exceeding our recycling target of 90% of the demolition materials.
We have regularly engaged with the local community and neighbouring businesses to keep them informed about site activity and to minimise any impacts of the demolition work. We would like to thank everyone for their support as we create these amazing new facilities for the people of Sydney.
Construction of the venues will take around two years and create 1,600 jobs, with 10,000 workers to be inducted over the life of the project. The overall Darling Harbour redevelopment will provide 3,700 construction jobs and a further 4,000 jobs on completion.
Mr Lovell added:
Darling Harbour Live will work closely with the NSW Government, Infrastructure NSW and the Sydney Harbour Foreshore Authority (SHFA), throughout the construction phase, so that everyone can continue to enjoy Darling Harbour, particularly with the exciting line up of events that are planned by SHFA.
About the project:
Darling Harbour Live (comprising Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless) and Lend Lease are partnering with the NSW Government to deliver the precinct’s most exciting renewal in 25 years. Darling Harbour will become home to Australia’s largest convention and exhibition facilities, Sydney’s largest red carpet entertainment venue, and a new hotel complex. Opening in late 2016, the new world-class exhibition, convention and entertainment facilities are aimed at ensuring Sydney remains the first choice in Australia and Asia Pacific for the competitive business events industry. At the southern end of Darling Harbour, Lend Lease is creating a new residential and commercial district called Darling Square. This covers circa four hectares and will include student housing, public car parking, a commercial office building, and four mixed use development blocks (retail/commercial/residential podium with residential towers above) centred around a new public square. Infrastructure NSW is the NSW Government agency managing the 20 hectare transformation. Darling Harbour and the new convention, exhibition and entertainment venues will remain in public ownership through Sydney Harbour Foreshore Authority. A dynamic calendar of events and entertainment during the redevelopment will keep the precinct active and vibrant.
About Darling Harbour Live:
Darling Harbour Live comprises Lend Lease, HOSTPLUS, Capella Capital, AEG Ogden and Spotless. Lend Lease’s infrastructure development business Capella Capital is the PPP development manager and financial advisor. HOSTPLUS and Lend Lease are investors in the project company. Lend Lease’s project management and construction business will design and construct the facilities while AEG Ogden will be the operator of the facilities. Spotless will be responsible for delivering Facility Management services.
AEG Ogden is one of the world’s leading venue management companies, responsible for the management of the largest network of venues in the Asia Pacific region including convention and exhibition centres, arenas, stadiums and performing arts venues. With an established reputation for the delivery of world’s best practice services, and strength in pre-opening global sales and marketing expertise, AEG Ogden strives to meet the stringent requirements of international event organisers and ISO 9001 standards for Quality Management Systems, including in-house catering, security, cleaning and crowd control. Operating as part of the Anschutz Entertainment Group (AEG), a leading sports and entertainment presenter, AEG Ogden manages premier venues in Australia, Malaysia and the Middle East.
Lend Lease is a leading international property and infrastructure group. Listed on the Australian Securities Exchange and with circa 18,000 employees worldwide, Lend Lease’s capabilities span the property and infrastructure spectrum. In Australia the group offers development management; investment management; project management & construction and asset & property management. Its expertise covers multiple sectors including commercial, residential, retail, retirement and infrastructure.
HOSTPLUS is the national superannuation fund for the hospitality, tourism, recreation and sport industries in Australia. The Australian Hotels Association (AHA) and United Voice (formerly the Liquor Hospitality and Miscellaneous Union) jointly established the Fund in 1987. It is one of the largest super funds in Australia with more than 1 million members, over 80,000 employers and $13 billion in funds under management.
Capella Capital is the infrastructure financing and development arm of Lend Lease which possesses a substantial track record in the infrastructure sector, particularly in the delivery of PPP transactions. Capella Capital provides a fully integrated infrastructure solution – from project inception and financial advisory, through to development and project financing and into long-term ownership and equity management on behalf of Lend Lease.
Spotless is a leader in the delivery of Facilities Management solutions across Australia. The project represents the 13th successful PPP that Spotless has been awarded, including 5 in NSW providing recent local experience. Spotless brings the necessary expertise to deliver efficient, non-disruptive facilities management services.