âBold and ambitiousâ: Cockatoo Island to be transformed with shops, bars and performance spaces Weâre sorry, this service is currently unavailable. Please try again later. Dismiss Save Normal text size Advertisement Cockatoo Island would be transformed by a new creative precinct, eateries and waterfront parkland under plans to turn the historic site into a major tourist drawcard and a meeting place for Sydneysiders over the next decade. The Sydney Harbour Federation Trust is planning to reshape the UNESCO World Heritage-Listed site, revealing concept plans to revitalise the island in a way that draws on its rich Indigenous, convict and military history.