LEND LEASE ANNOUNCES BARANGAROO SOUTH'S LARGEST COMMERCIAL TOWER TO COMMENCE
Lend Lease announced to the Australian Securities Exchange (announcement attached) that Lend Lease will be proceeding with Tower 1, the final and tallest of the three commercial towers at Barangaroo South. They also announced that PricewaterhouseCoopers Australia (PwC) and HSBC Bank Australia have signed leasing arrangements for Tower 1, a 49-storey building that is set to become Australia’s largest office tower.
This is a very positive milestone for Lend Lease, and in particular their Barangaroo team, who have worked very hard over the last four years.
Barangaroo is a $6 billion urban transformation of the western edge of Sydney’s central business district and will provide extraordinary benefits for Sydney, NSW and Australia. Lend Lease is responsible for Barangaroo South – the southern 7.5 hectares of the site which is destined to become the greenest and most advanced financial district and the first large scale, carbon neutral precinct in Australia. With a mix of uses, including commercial, residential, retail and dining along with a new landmark hotel, on completion it will be home to around 1,200 residents, 23,000 office workers and more than 2.9 hectares of public space.
As an anchor tenant of Tower 1, PwC will occupy 12 floors and HSBC will occupy 3.5 floors of the building. Lend Lease anticipate construction will commence in the second half of this calendar year, and will be complete in FY17. PwC and HSBC will join Westpac Group, KPMG, Gilbert + Tobin and Lend Lease, which have all committed to taking commercial space in Towers 2 and 3.
The Barangaroo project isn’t just great news for Lend Lease, it’s great news for the people of Sydney, and NSW. The construction of Tower 1 will signal to the world that Sydney will soon have a major financial and professional services hub at Barangaroo. It will also boost employment with Tower 1 bringing an additional 600 construction workers to the site.