New $836 million site nears completion but opening date uncertain

“We want to have the right number of retailers at the right time to open and make it a success. There’s no threshold, it’s really about how it comes together holistically, and reviewing that daily.”

The government, which has agreed to a degree of flexibility in requiring the market to vacate its old site, is equally keen to open the new site so it can start collecting rent from retailers on its $836 million investment.

Premier Chris Minns said taxpayers would get a “pleasant shock” when they witnessed the scale of the building, which is expected to draw double the number of annual visitors that attend the current site, and encourage tourists to spend an extra day in Sydney.

The 6 million annual visits will be spread over a longer trading day, as closing will be pushed back by seven hours to 10pm each night.

“I would just say, in relation to this project, that nothing worth doing is easy,” Minns said.

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“If you look at the history of Sydney, some of our big iconic projects have all had difficulties, and this is the latest example. But I’m really thrilled that everyone has pressed on with it, and we’re in the final stages and we’re going to have an iconic addition to Sydney, particularly on the harbour.”

The current site has been rezoned for 70 per cent residential and 30 per cent commercial premises, which will allow more than 1500 residences to be built, including 1100 on government-owned land and 400 on privately owned land.

Three companies shortlisted to develop the site on a 99-year lease have been whittled down to two – Mirvac and Lendlease – and the government is planning to sign a contract with one of them by the end of the year.