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5 March 2010
Barangaroo Development Progresses for Lend Lease
Lend Lease today announced it has reached a milestone on Stage 1 of Barangaroo, signing the project development agreement with the Barangaroo Delivery Authority (“the Authority”) on behalf of the NSW Government. The agreement formalises Lend Lease’s contract with the Authority for the development of the circa A$6 billion harbour front site.
Detailed project development documentation has been completed since Lend Lease was announced as the preferred developer in December 2009. Last month the Authority placed the Barangaroo master plan, including Lend Lease proposed designs for Stage 1 on public display. Lend Lease expects to submit the first of its planning applications within the next few months. Any changes to the current approved Barangaroo Concept Plan are subject to a formal planning approval process.
Steve McCann, Chief Executive Officer and Managing Director of Lend Lease, said the group was pleased to have reached this important milestone.
“Barangaroo is an extremely significant project for Sydney and we are honored and excited at the opportunity to work with the Authority, NSW Government and all relevant agencies to develop this unique site. We will continue to engage with the people of Sydney and welcome their ongoing input and comments as we develop the required staged applications.
“We have received significant interest from investors and tenants to be part of this new sustainable development. Lend Lease will utilise its fully integrated property skills across all key facets of the project including development management, project and construction management,” Mr McCann said.
Construction of the first commercial building is anticipated to commence by December 2010.
For further information please contact:
Investor enquiries:
Sally Cameron
Group Executive - Investor Relations
Ph: +61 2 9236 6464 | Media enquiries:
Rachel Mornington-West
Corporate Affairs Manager
Ph: +61 2 9277 2525 |
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