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Property News

Private innovation 'key' to Sydney upgrade

November 04, 2011

Private sector innovation will play a key role in Sydney's plans for the construction of a world-class convention centre in the NSW capital, the Property Council of Australia asserts.

A new convention centre, according to Glenn Byres, the NSW executive director of the council, would do more than simply provide a venue for business events, but could also represent several other opportunities for growth, development and investment in the commercial property sector.

"New hotel, retail and other hospitality assets should also emerge given the private sector now has more flexibility and a broader landscape to work on," he said.

Byres added that as Sydney is "on the cusp" of arranging a host of new exhibition and convention facilities, encouraging private sector innovation for the centre's design, delivery and operation is a wise move on behalf of the state government.

He explained: "Our previous research showed constraints at existing facilities cost Sydney 3,037 jobs and $218 million each year - equivalent to hosting a Rugby World Cup every year."

Last week, Sydney Convention and Exhibition Centre chief executive Ton van Amerongen remarked that redeveloping the facilities could lead to other exciting prospects.

The redevelopment would expand the existing site to a much larger 12-hectare precinct, which would become Australia's largest event facility.

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