Frasers Property Australia's plans to build a new AU$4m (£2.4m, €2.6m, US$3.6m) public park in Sydney have been given the green light by the New South Wales Department of Planning.

The 6,500sq m (69,965sq ft) park is set to form part of the property company's wider AU$2bn (£1.2bn, €1.3bn, US$1.8bn) redevelopment of the former Carlton and United Brewery site in Chippendale. Designed by Denmark-based Jeppe Aargaard Anderson and Australia-based Turf Design, the park will be located at the heart of the 5.8-hectare (14.3-acre) mixed-use Central Park scheme.

Plans include an iconic water feature located in the centre of the park in order to divide it into two separate areas, 50m (164ft) of pedestrian and cycle paths, seating, public artwork designed by Jennifer Turpin and new trees and lawns. A large ovoid drain, which was formerly used as a stormwater pipe along the northern edge of the Central Park site, will be retained during the construction of the new public park.

Frasers Property Australia chief executive officer Dr Stanley Quek said: "This new public park is an integral element in the largest urban renewal project in Sydney which represents an unparalleled investment in the southern central business district (CBD), reflecting Frasers' confidence in the economy of NSW." The wider Central Park scheme, which has also involved UK-based architects Foster + Partners, France-based Ateliers Jean Nouvel and Australia-based Johnson Pilton Walker, will include a new commercial campus and residential property.

It is expected that the whole scheme will take up to 10 years to complete. Image: Frasers Property Australia