The sculpture, to be known as ‘Chimera’ and installed in March, will comprise a stainless steel tower topped with a wind vane in the form of a stylised vessel and three sails.

Cultural services manager Jacqui Hemsley said the sails would have a mirror finish to reflect the sky and the brilliant blue waters of the lake.

“Chimera will provide a spectacular focal point along the lake shore, between the Speers Point Amateur Sailing Club building and the public jetty,” Ms Hemsley said.

The sculpture will be funded using money awarded to the council in 2008 as part of the National Thiess Riverprize. It won the prize for its work improving Lake Macquarie’s long-term health and ecological sustainability.