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NSW approves amended plans for new development

The New South Wales government has approved amended plans for a new development of residential and commercial property on Sydney's foreshore.

Plans for a new development on Sydney's foreshore have been approved by the New South Wales (NSW) government.

The $6 billion (£3.8 billion) Barangaroo urban regeneration project is to feature both residential and commercial Australian property, the Australian newspaper reports.

It will cover a total of 490,000 sq m and will include a foreshore promenade with two harbour coves.

Lend Lease is the firm behind the plans and it has already started preparatory work, with construction due to begin in the first half of 2011.

"We are talking to six organisations keen to occupy the space," said Lend Lease group head of development David Hutton.

"If they all proceed, they would occupy 50 per cent of the proposed space," he added.

Last week, Greg Combet, minister for climate change and energy efficiency, said that coastal areas of New South Wales could be affected by erosion and climate change in the future, which could influence people's decision of whether to invest in property inland or on the coast.

Posted by Steve Douglas

- property, Sydney, coast, development, construction

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