Lend Lease preferred bidder for Alkimos development

20 January 2010

Lend Lease has been chosen as the preferred bidder by the Western Australian Government for the first stage of the 710 ha Alkimos Community development.

A Development Agreement between LandCorp and Lend Lease is now expected to be finalised within three months.

Alkimos is located in the rapidly growing northwest metropolitan corridor 40 km north of the Perth CBD and will be one of the largest coastal developments ever undertaken in Perth.

The complete Alkimos development will consist of about 10000 homes when finished.

Development of the initial 224 ha site is expected to start in 2011 and will include about 2500 homes.

The first stage is expected to have a finished value of over AU$ 400 million (US$ 365 million) and will be delivered over seven years, with the complete 710 ha community taking about 20 years to deliver.

The project will operate under a land management agreement with Lend Lease expecting to make a capital investment of about AU$ 20 million (US$ 18.3 million) to establish the project.

The Alkimos community will be developed in partnership between Lend Lease's Delfin Lend Lease subsidiary and LandCorp, the Western Australian Government's land development agency.

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