The Walsh Bay Partnership (WBP) between Transfield and Mirvac was formed in 1997. The NSW Government entrusted WBP with the task of rejuvenating Walsh Bay and breathing new life into the rapidly deteriorating areas of the precinct including three of the five "finger" wharves, their connecting shore sheds, bridges, seven bond stores and several streets and vacant sites within the precinct.
As part of the conservation of Walsh Bay, old hardwood timbers were salvaged and re-used around the site, and industrial and historical artefacts conserved and permanently displayed. In line with NSW Government estimates over 80% of the existing buildings were retained and an 'interpretation' of the site was incorporated into the development to evoke and acknowledge Walsh Bay's rich heritage.
The $650 million project was completed in 2004 and has received more than 60 recognised Australian and International Property Industry awards. Walsh Bay has been transformed into a lively mix of residential, cultural, retail, commercial and public facilities.