Premier Nathan Rees and Minister for Lands Tony Kelly will join a delegation of Central Coast MPs for the handover at Glebe Island Berth 1, Rozelle.

The HMAS Adelaide will be sunk off the coast of Terrigal to become a diving reef.

The Federal Government committed $3 million last year towards stripping the guided missile frigate of its military hardware in preparation for the sinking.

It's been estimated that the scuttling of the HMAS Adelaide off Terrigal could inject about $17 million into the NSW economy in its first two years, and create and support a range of tourism-related jobs.