Lend Lease formalises harbour-front contract

By Becca Durrant05 March 2010

Lend Lease has signed an agreement with the Barangaroo Delivery Authority to develop Stage 1 of the AUD 6 billion (US$ 5 billion) Barangaroo mixed-use harbour-front site in Sydney, Australia.

The project development agreement formalises Lend Lease's contract with the authority, which acts on behalf of the New South Wales (NSW) Government.

Working in partnership with the Authority, Lend Lease will develop the 7.5 Ha Stage 1 site of the project which will provide in excess of 430000 m² of new build floor area and 2.6 Ha of public open spaces.

The company said the project will include a mix of commercial, retail, food and beverage, residential, cultural, hotel and conferencing, civic facilities and improved transport infrastructure.

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, a statement from the company said. Any changes to the current approved Barangaroo Concept Plan are subject to a formal planning approval process.

Steve McCann, CEO 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 honoured 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."

In a statement from Lend Lease it said the project is the largest CBD development in the history of Sydney and the entire site is expected to be completed over the next 10 to 15 years.

Construction of the first commercial building is due to start in December.

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