Barangaroo South Development Agreement
Expressions of Interest were invited from architects and developers from around the world to design and develop the first stage of Barangaroo.
The criteria that the consortia needed to address were:
- The scale of the buildings in the context of the City
- The quality of the architecture in the context of this being the western gateway to the City
- World class public domain and permeability through the development
- Connections to the city and public transport
- The mix of uses - including civic, commercial, retail, residential recreational and cultural
- Vibrant active public water front
- Interpretation and heritage considerations designed in to the proposal
- Best possible exposure to the sun and how to minimise shadow impact and wind protection
- Authentic places that work together as a place including streets, squares, arcades, lane ways and the water front.
In September 2008 three proponents were given until 31 March 2009 to submit their plans for the site. On 11 August 2009, the Government announced it had invited Brookfield Multiplex and Lend Lease to submit more detailed bids.
These final phase bids were lodged in November 2009 and on 20 December 2009, the Government announced that Lend Lease had been selected to develop and create the $6 billion Stage 1 development.
On 5 March 2010, the Barangaroo Delivery Authority released a summary of the Issues of Principle which described those areas of the winning design from Lend Lease, where further work was required to satisfy the important public aspects of the plan.
At this same time, the Authority entered into a Project Development Agreement with Lend Lease Corporation which detailed financial arrangements. These include substantive fixed payments to the State over eight years, an initial $13 million payment made by Lend Lease in March 2010, and a second payment of $90 million to be made this financial year. Other financial features include:
- the potential to share in the project's financial success through additional value payments;
- strong financial security with bank and Lend Lease Corporation guarantees;
The Project Development Agreement enshrines key public expectations regarding Barangaroo, including a world-class public domain, international-benchmark sustainability targets, and retention of land ownership by the public. Lend Lease will have a 99 year leasehold on the buildings it develops.
Since the signing of the Agreement, the Authority has been working continuously with Lend Lease to revise plans and to incorporate key elements, following feedback from the public and international design experts.
Lend Lease lodged its Concept Plan Amendment Application mid 2010 and received approval for it in December 2010.
Lend Lease will also lodge separate project
applications for each element of the proposal. These will
also be put on public exhibition for comment. Visit
Process section of the website for more information.