The hub will feature architect-designed rehearsal spaces, customized studios, offices and production rooms, and a live/work apartment to be made available for a creative fellowship program.

Greenland Group in green push

Chinese rushing for overseas properties

Facilities will include soundproofed rooms for music rehearsals, studios with sprung timber floors for dancers and actors, media and editing suites for filmmakers and new media artists, and wet/dry studios for visual artists.

"Greenland has been developing properties in over 100 cities around the world and has always been delighted to work with state and local governments to meet the city and community neeaging director of Greenland Australia, said.

Greenland, founded in 1992, is involved in construction projects in more than 80 cities in China as well as in seven countries.

The creative industries sector is one of the fastest growing in Sydney, with a recent study showing that nearly 1,900 creative businesses employ more than 35,000 people across the local government area.

Award-winning actor, producer and writer, Claudia Karvan, said the creative hub was an exciting initiative that would make a major difference to Sydney's creative community.

"Affordable space in Sydney is scarce, so it's fantastic that the city's new cultural policy is unlocking affordable work spaces in Sydney. It's essential to give local artists and creative teams spaces where they can progress their ideas facilities like this new hub are the building blocks for Sydney's future creative life, " she said.

The building is expected to open in late 2017.