Elizabeth Quay takes shape

Elizabeth Quay has had its first commercial sale, according to Premier Colin Barnett.

Chevron (TAPL) Pty Ltd has bought a 6,795 square metre site in the area for $64 million.

According to Barnett, this is a significant milestone in the Elizabeth Quay project. He believes the move by Chevron shows confidence in the precinct and NSW property in general.

Land sales in Elizabeth Quay are expected to return a portion of the NSW government's initial investment in the area, however there are still lots to be sold.

The precinct is expected to be a premium waterfront location for both business and leisure activities, and is expected to create more than 1,600 jobs during construction.

Planning Minister John Day says it's likely that Chevron's investment will act as a catalyst for future development and investment in Elizabeth Quay.

Barnett expects the area to be vibrant and bustling, with an anticipated four million visits per year, and is pleased the project has taken shape after years of discussion.

Elizabeth Quay is due for completion is spring 2015, and is currently on time and budget.