Darling Harbour makeover may attract investment
Commercial property investors looking to snap up property in Australia's biggest city may be ...
Commercial property investors looking to snap up property in Australia's biggest city may be interested in a multibillion-dollar project to revamp Darling Harbour.
The iconic waterside precinct will undergo a $2.5 billion transformation including the development of the nation's biggest convention centre, a 900-bed hotel, retail and dining outlets, as well as a 5,000-square metre "event deck".
NSW deputy premier Andrew Stoner said the project, which had its planning applications released last week, is "the biggest and most exciting transformation of Darling Harbour in 25 years".
"This project is a once-in-a-generation opportunity for the people of NSW to create one of the world's best places to live, meet and be entertained," Mr Stoner added.
The new 20-hectare precinct will also be connected to the surrounding areas of Pyrmont, Haymarket and Ultimo - potentially attracting the interest of investors looking to buy property in 'high-growth' suburbs.
The project's masterplan outlines details of several pedestrian connections throughout the precinct, as well as a cycle hub and better aligned light rail stops.
Generating an estimated $5 billion in economic benefit for NSW, Darling Harbour's facelift is also expected to create more than 7,000 jobs.