Sydney's waterfront now will get a facelift and Barangaroo Delivery Authority has chosen the property developer Lend Lease for this project.

The development work of 7.5 hectare Stage 1 site of this Sydney project is expected to amount $6 billion and take 10 to 15 years for its completion.

Named after an Aboriginal woman who lived in Sydney during early white settlement, the Barangaroo project is looking to change the 22 hectares of land into a modern base having by offices, apartments and hotels and shopping.

"Barangaroo is one of the most valuable city waterfront opportunities anywhere in the world", Lend Lease chief executive Steve McCann said in a statement this morning announcing the contract win.

Lend Lease is also developing London's Elephant & Castle area and 2012 Olympic village, and about this project, the company commented that 7.5 hectares of land would be developed with 2.6 hectares of public realm and open spaces. The shares of company are on all high which climbed by 2.4 per cent to $9.52.

In eight years' time, the company will pay several hundred million dollars to the State Government in order to secure the development rights of the project.

CEO and managing director Mr McCann also said that with this project coming very soon, deliverance of green buildings is sure.