Sydney Fish Market is to more than double in size and gain a variety of new leisure amenities and public spaces, following confirmation that AUS$750m (US$509m, €463m) will be invested in its redevelopment.

The market, which is said to be the largest of its kind in the Southern Hemisphere, will move from its existing location in Pyrmont to the adjacent Blackwattle Bay in Sydney Harbour. The new site will occupy more than 12,000sq m (129,000sq ft).

The new market will include an amphitheatre, a waterfront promenade and recreational wharves, as well as a variety of restaurants, cafes, bars and food stalls. Undercover car parking and bike parking spaces will also be added, in addition to improved market despatch areas and new storage and handling systems.

As well as adding new amenities, the design, created by 3XN Architects, will integrate with and link up the surrounding area. The new promenade, for example, will run around the water’s edge and lead to the amphitheatre staircases and public market plazas.

3XN’s ultimate aim is to “establish a world-class ‘foodie’ destination”. According to the architects, they are hoping “to set in place an exemplary example of integrating the public realm and contemporary market space that will become a landmark in Sydney’s unique harbour-based urban landscape.”

“Our response places people at the centre, with an emphasis on placemaking to foster a strong sense of community,” explained Kim Herforth Nielsen, founder and creative director at 3XN. “The design excels in its ability to create value for all stakeholders; the fisherman, and restaurateurs as well as neighbours and tourists.”

The funding was confirmed by premier of New South Wales Gladys Berejiklian. As a result of the redevelopment, a subsequent rise in the number of visitors and a rise in average spend per head, the market is expected to see retail expenditure increase by more than 100 per cent to almost AUS$35m (US$23.8m, €21.6m) a year.

The project was first announced by the New South Wales Government in 2016 and is expected to be completed in 2023.