Lendlease wins rights to develop Sydney’s Victoria Cross Station
Property developers are ending the year by unveiling a series of major projects in Sydney and Melbourne, in a sign their confidence has not waned in the face of weak demand for residential property.
In one of the largest plays, the listed Lendlease has won a $476 million contract to deliver a new metro railway station in North Sydney and the office building above it.
The Victoria Cross Station will be a landmark in the heart of North Sydney’s business district and will include retail spaces and office space across 40 floors that likely be worth close to $1 billion upon completion.
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The project win, flagged by The Australian, will form part of Lendlease’s portfolio of transport hubs in gateway cities that draw on its integrated development and construction arms.
The company says it is delivering 18 major urbanisation projects in Australia, Asia, Europe and the US, although it is likely to exit its local engineering unit.
Artist’s impression of the new 40-storey commercial building to be built above the Victoria Cross Station in North Sydney.
Rivals Dexus and Charter Hall also bid for the tower and now the focus is on the race for the development of the Pitt Street metro station in Sydney, where Lendlease is up against Brookfield and Grocon.
Lendlease’s chief executive of property in Australia, Kylie Rampa, says that “fit-for-purpose transport infrastructure like Sydney Metro will help ensure Sydney retains its spot as Australia’s number one gateway city”.
Dexus and the private Winten group are already undertaking major towers in North Sydney but Melbourne has also drawn almost all major listed office landlords that have bought up sites.
In the most recent play, Cbus Property has submitted a planning application for a commercial precinct at 435 Bourke St.
It plans to amalgamate the existing 140 and 150 Queen St, 423 Bourke St and 27 McKillop St sites and will develop a 55-level commercial precinct.
The $1 billion commercial project would total 64,500sqm of premium grade office space and is designed by Bates Smart.
This article originally appeared on www.theaustralian.com.au/property.
