The landmark Campbell’s Stores at The Rocks, an 1840s State heritage listed warehouse, is set to undergo a $32 million upgrade, following approval from the NSW Government.

Minister for Finance, Services and Property Victor Dominello said the restoration and fit-out, including a new fine dining offering, will ensure the iconic heritage building is conserved and maintained for future generations.

Private hospitality company Tallawoladah will fund the restoration works following approval of a 55-year lease by the NSW Government. The building will undergo refurbishment to address deterioration in the roof, windows, parapets and stone decay.

“The Rocks is one of Australia’s most culturally significant heritage precincts and we want it to be a premier dining and entertainment hub, buzzing with locals and tourists,” Mr Dominello said.

“The precinct attracts more than 14 million visitors a year, contributing $400 million to the NSW economy. This upgrade is a big win for Sydney and will likely result in an increase in visitors, spending and jobs.

“Sydney is a global city and, similar to SoHo in New York and Le Marais in Paris, we are committed to showcasing and revitalising our iconic heritage sites.”

Up to 12 new tenancies, including world-renowned restaurants, cafes and bars, are due to be finalised in the coming months, helping to further enhance the precinct’s dining and entertainment offerings.

This announcement follows the NSW Government’s commitment in May 2016 to invest $73 million to protect and enhance heritage assets along the Sydney Harbour foreshore, including Pyrmont Bridge and Cockle Bay.

The restoration works will commence in July and completed by mid-2018. Further information on Property NSW projects is available at www.property.nsw.gov.au.