This article is from the Australian Property Journal archive
A CONSORTIUM including Lend Lease, the Hostplus superannuation fund, Capella Capital, AEG Ogden and Spotless has won the bid to develop the $1.1 billion Sydney International Convention, Exhibition and Entertainment Precinct (SICEEP).
Lend Lease and Destination Sydney will work with Infrastructure NSW in a Public Private Partnership (PPP) to design, construct, finance, maintain and operate the convention, exhibition and entertainment facilities.
In addition, Lend Lease will develop a $1.5 billion mixed use site of approximately 5 ha adjacent to the SICEEP site, which includes a hotel of up to 900 rooms, 1,400 residential apartments, 23,000 sqm of student accommodation, 7,000 sqm of retail, 15,000 sqm of commercial space, a 400-bay public car park, and up to 2,000 sqm of community space and public realm upgrades.
Lend Lease CEO Steve McCann said the consortium was pleased to be selected as the NSW government’s partner for this city-shaping initiative at Darling Harbour.
Capella Capital, will act as PPP development manager and financial advisor to the consortium. The PPP capital commitments are fully underwritten, and Lend Lease will invest 50% of the equity alongside Hostplus super fund, with debt being provided by a syndicate of local and overseas banks.
AEG Ogden will be venue operator of the exhibition facility.
AEG Ogden chairman and CEO Harvey Lister said the facility will ensure Sydney is a leading player in the business and events industries well into the 21st century.
“ICC Sydney is destined to be a showcase international venue in one of the world’s leading cities and is a welcome addition to the AEG Ogden family of award winning venues in Australia, Asia and the Middle East,” Lister said.
The convention facility will be able to host four fully separated concurrent events of over 12,000 delegates, providing total exhibition capacity of 40,000 sqm, an external event deck of 5,000 sqm, a premier red carpet theatre with a capacity of 8,000 people, and a Grand Ballroom for more than 2,000 guests.
The ICC Sydney is due for completion in December 2016. Up to 1,600 jobs will be created in the construction period.
Property Review
