Image: Barangaroo South – overlooking Sydney Harbour

Lend Lease has signed an exclusivity agreement with Crown Limited for the development of a new international hotel resort at Barangaroo South in New South Wales, Australia.

The scheme is part of a AU$6bn (US$6.3bn, EUR5.1bn, £4bn) urban regeneration programme, which will lead to the creation a "world-class" mixed-use destination overlooking Sydney Harbour.

Lend Lease is currently in discussions with the state government in order to finalise the hotel location and will work with Crown Limited to achieve the necessary approvals.

The agreement will see Crown Limited work with Lend Lease for up to 24 months, with both to work on drawing up the concept plan for the new property.

Lend Lease group CEO and managing director Steve McCann said: "A key part of Lend Lease's vision for Barangaroo South is to have a high quality international hotel.

"Since being awarded the right to develop Barangaroo South in December 2009, Lend Lease has been approached by a number of leading international hotel operators expressing interest in the hotel."

Crown Limited executive chair James Packer added: "Sydney deserves one of the world's great hotels on its magnificent harbour. My desire is for Crown to build the best hotel in the world at Barangaroo."

Packer added that a VIP-only gaming facility could be incorporated into the plans, providing the "commercial underpinning" for the development

• Crown Limited has revealed it will build a new AU$568m (US$599m, EUR487m, £382m) luxury 500-bedroom hotel as part of Perth's Burswood Entertainment Complex.

Crown Towers Perth is to take the company's investment in the Burswood site to more than AU$1.3bn (US$1.4bn, EUR1.1bn, £875m) since its acquisition in 2004.

It is expected work will begin on the new hotel early next year and take around three years to complete. Restaurants, bars and resort and convention facilities are proposed.

Click here for more information about Barangaroo South and click here for more information about Crown Limited's new Perth hotel.