The five hectare site between Barangaroo South and Barangaroo Reserve has sat mostly idle as a concrete slab since shipping operations ended almost 20 years ago.

Central Barangaroo will be transformed into a world-class living and lifestyle precinct. The project will deliver 75,000sq m of residential space, almost 16,000sq m for a hotel and more than 50 retail spaces, alongside 2ha of parkland and public areas. A 270m long, 8m wide boulevard will link Hickson Park to Nawi Cove, while a second entry to the Barangaroo Metro Station will improve access to the precinct, all complementing Barangaroo South and Barangaroo Reserve.

The new retail destinations will play an important role activating the precinct, with a mix of lifestyle, luxury, wellness and food & beverage. Locals and visitors will also enjoy multiple civic spaces, greenspace and activated laneways. Together with Harbour Park, more than 50 percent of Central Barangaroo will be public open spaces and parkland.

The precinct would also deliver what Aqualand said would be one of NSW’s largest public benefit packages, valued at more than $220 million. It would include cultural facilities, parkland and civic spaces.

“We know how important Barangaroo is to all of Sydney and we are honoured to partner with the NSW Government to deliver this critical and final piece of the city’s largest urban renewal project,” Aqualand managing director Jin Lin said.

Construction is expected to begin this year and the first stage completed by 2030. It is expected to contribute $2.26 billion in economic activity and create more than 12,000 jobs during the construction phase, according to property consultancy Urbis. The precinct is also forecast to inject $134.1 million a year into the economy.