The Barangaroo site, formerly known as East Darling Harbour, is a 22-hectare land parcel, owned by the State of New South Wales.

Current stevedoring operations will vacate in late 2007 and the NSW Government has determined to renew the site as an extension of Sydney's commercial business core, including an 11 hectare foreshore park.

The site is bound on two sides by Sydney Harbour and has 1.4 kilometres of foreshore frontage. It is located in the Sydney CBD, 20 minutes from Sydney International Airport and at the centre of Australia's finance and technology hub known as the "global arc" of Sydney.

Its location, on the water's edge and next to the established business district, means it presents a unique nexus between the commercial, environmental and lifestyle strengths for which Sydney is famed.

The Government seeks a benchmark renewal - creating a new city precinct that reinforces Sydney's competitive position.

The urban renewal will:

• Revive this site's role as a trade gateway to the national economy by engaging with industries and commerce of the 21st Century.

• Create a sustainable city precinct from the ground up - a world benchmark in waterfront urban renewal providing a leadership example, balancing economic with environmental and social responsibility.

• Return this area to a bustling and peopled waterfront, activated by working and living activity.