X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SYDNEY-The New South Wales Government has selected a joint venture of Australian developer Lend Lease Corp. Ltd. and real estate investor General Property Trust for the development of a $1-billion master-planned community in Sydney’s north-west corridor. The estimated 10-year project will include 1,500 housing units, up to 1.9 million sf of retail and commercial space and about 50 acres of open space.

The Lend Lease/General Property joint venture is working on the project under the direction of the New South Wales Department of Infrastructure, Planning and Natural Resources, and Landcom, a state-owned land development corporation. The partnership concludes six months of negotiations between DIPNR, Landcom, Lend Lease and GPT following the shortlisting of the Lend Lease and GPT joint venture in February. The parties must still gain approval for the proposed master plan and sign off on a product delivery agreement.

Lend Lease has a 51% interest in the joint venture and GPT has a 49% interest. According to the provisions of the joint venture, a change of control of either GPT or GPT Management Limited gives Lend Lease a call option to acquire GPT’s interest in the project. GPT has a call option to acquire Lend Lease’s interest in the event of a change in control of Lend Lease Corporation.

The first phase of development, expected to open in 2005, is slated to include: community facilities including library, child care and community hall; two school sites (one private and one public); retail facilities, including supermarkets, specialty shops and entertainment venues; commercial development; residential development in a range of styles; transport interchange; and open space and recreation areas.

Lend Lease says the project will utilize the services of Bovis Lend Lease and Lend Lease’s integrated development business including Delfin Lend Lease.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.