Darling Harbour is to undergo a $1 billion facelift that will see the construction of a new 44-storey office tower, updated retail offerings and a Cockle Bay amphitheatre.

The co-owners of the site at Darling Park, GPT, AMP and Brookfield, will join forces to revitalise Cockle Bay Wharf, which spans the eastern side of Darling Harbour from the Pyrmont Bridge and south towards the Imax Sydney. The first of the three office towers opened in 1994, while the Cockle Bay restaurants followed in 1999.

But in the past three years the surrounding areas have changed with the construction of Barangaroo, Darling Quarter, the International Convention Centre and new Sofitel hotel, as well as the proposed redevelopment of the Imax theatre into a hotel called The Ribbon project and the former Entertainment Centre into the City of Sydney library and roof top bar.