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Project Development Agreement

The Project Development Agreement is the contract between the NSW Government represented by the Barangaroo Delivery Authority and the developer of Barangaroo South, Lend Lease (Millers Point) Pty Ltd.  The obligations of Lend Lease are guaranteed by Lend Lease Corporation Limited, the ultimate parent company of the Lend Lease Group.

The Agreement was signed by the Authority and Lend Lease on 5 March 2010. It remained conditional until 22 June, when a range of conditions were satisfied by Lend Lease.

The Agreement allows Lend Lease to develop leasehold buildings on Barangaroo South.  Commercial, retail and residential buildings on Barangaroo South will be subject to 99 year leases. The public domain within Barangaroo South will be retained in public ownership for the benefit the people of New South Wales. The Agreement also guarantees that the land title to Barangaroo South always remains in public ownership.

The Authority released the Agreement in line with the obligations of the Government Information (Public Access) Act 2009.

The Authority is committed to sharing government information with the community and has proactively released information and documents that it believes may be of interest to the community. As part of this commitment and the Authority's ongoing GIPA obligations in respect of disclosures of the Development Agreement the Development Agreement has been reviewed in light of the release of the Auditor General's report and other information which is now in the public domain. As a result of this review the Authority has determined that previously undisclosed information can now be disclosed.

The further disclosures comprise:

  • the disclosure of clause 4.3 which generally states that fixed payments can be accelerated in certain circumstances;
  • the disclosure of the spilt of the value share in clause 4.3.

Date of Release/ Last Updated

Document

23 August 2012 Contract Information Notice for Project Development Agreement (updated to reflect amendments to the Project Development Agreement from the Barangaroo Temporary Cruise Terminal Project Management Agreement, the First, Third and Fourth Amending Deeds, and the Second Amending Deed as implemented to date)
1 November 2011 Annexure A & B - Explanatory Table for Project Development Agreement and First Amending Deed
24 August 2010 Summary of the Project Development Agreement
1 November 2011 Project Development Agreement
24 August 2010 Project Development Agreement (Annexures A to E)
24 August 2010 Project Development Agreement (Annexures F to AA)
24 August 2010 Summary of changes made to the Project Development Agreement by First Amending Deed and Temporary Cruise Terminal Project Management Agreement
24 August 2010 First Deed of Amendment to the Project Development Agreement
29 September 2010 Second Deed of Amendment to the Project Development Agreement
29 September 2010 Annexure C - Explanatory Table for Second Deed of Amendment
November 2010 Supplementary Information Report
29 March 2011 Third Deed of Amendment to the Project Development Agreement
29 March 2011 Annexure D - Explanatory Table for the Third Deed of Amendment
16 August 2012 Fourth Deed of Amendment to the Project Development Agreement
16 August 2012 Fourth Deed of Amendment - Annexures A to E
16 August 2012 Fourth Deed of Amendment – Annexures F to AA
16 August 2012 Explanatory Table for the Fourth Deed of Amendment
23 August 2012 Consolidated version of Project Development Agreement (incorporating amendments of the Barangaroo Temporary Cruise Terminal Project Management Agreement, the First, Third and Fourth Amending Deeds, and the Second Amending Deed as implemented to date)
23 August 2012 Consolidated version of Project Development Agreement - Annexures A to E
23 August 2012 Consolidated version of Project Development Agreement - Annexures F to AA
April 2013 Consolidated version of Project Development Agreement (incorporating amendments of the Barangaroo Temporary Cruise Terminal Project Management Agreement, the First, Third and Fourth Amending Deeds, and the Second Amending Deed as implemented to date)