Lend Lease Wins $315 Million Contract to Widen West Motorway, Sydney

LEND Lease has secured the $315 million contract to widen the M5 West Motorway in Sydney.

It will design and construct the upgrade which include interlink roads. Two lanes will be extended to three in each direction from Camden Valley Way, Prestons to King Georges Road, Beverly Hills.

Lend Lease’s construction business, Abigroup, has been working on the proposal since February 2010. Completion of the project is expected in December 2014.

Lend Lease announced the contract to the ASX this afternoon (June 26):

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TAL Leases 10,500 Sq m in Sydney CBD

THE life insurer formerly known as Tower, and now, TAL, will relocate across from Sydney’s north to the CBD after committing to lease 10,500 square metres at 363 George Street, near Martin Place.

TAL will leave Milsons Point and Albert Street which it has called home for 40 years. The move will bring together the company’s 850 staff – including some currently located at another Martin Place office.

It’s new George Street office will spread across 12 levels. It fills part of 60,000 square metres being vacated by the Commonwealth Bank (which is moving to the Darling Quarter).

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Rail Infrastructure Worth More Than $18 Billion Announced For Metropolitan Sydney

SYDNEY will get a second harbor crossing under plans for a multibillion rail vision announced by Infrastructure NSW on June 20.

The crossing – with conservative cost estimates of $10 billion – will join the $8.5 billion North West Rail Link, set to be open in about 2019-20. The harbour crossing is not expected to start before then.

The crossing is needed for Sydney to use metro-style trains similar to those in London and Paris.

Coalition government advisers have speculated the tunnel cost would be considerably more than $10 billion – but Transport Minister Gladys Berejikian assured the AFR the infrastructure project will be built. The newspaper also included a map of the project.

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TopShop Unveils $1.85 Million Refurbishment of Ex Gowings Building, Sydney

UK retailer Topshop has unveiled plans for a $1.85 million refurbishment of its Sydney CBD headquarters.

The retailer has leased five levels of the former Gowings building – basement, lower ground, ground, mezzanine and first floor.

Plans for the refurbishment are on display according to the AFR which reported the retailer’s application.

 

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Major Developments Set to Start in Double Bay, Sydney

ONE of Sydney’s most exclusive suburbs is about to see a rise in apartment skyscraper activity.

This month, it is expected authorities will approve a $65 million plan to revitalize Double Bay.

The Kiaora Lands site on New South Head Road, of which a redevelopment proposal has been discussed for more than a decade, will make way for one of the suburb’s bigger proposal. Two new commercial sites will replace existing aged care buildings.

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Property Bank Australia Pays $15.6 Million For North Sydney Office

THE Perth-based Property Bank Australia has paid $15.6 million for a North Sydney commercial investment.

It is the latest in a string of investments on the North Shore where PBA has invested recently.

Its latest acquisition, a five-level, 3540 square metre office on a 1034 square metre block at 51 Berry Street returns rent of $1.4 million per annum. It includes 42 car parks and had recently undergone capital value works.

The main tenant is ACE Limited which has occupied the building since new and recently signed a new five year lease.

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Lend Lease’s APPF Commercial Buys Into $6 Billion Barangaroo Development

LEND Lease’s “institutional flagship fund” APPF Commercial has reportedly acquired a small interest within the first two skyscrapers that will form part of the $6 billion Barangaroo project on Sydney Harbour.

It is speculated APPF’s stake is as little as between 7 and 12.5 per cent, which would exclude it from any decision making power on the project. Lend Lease and APPF Commercial declined to comment on the speculation reported by the AFR.

It’s understood major office tenants including Westpac and KPMG are to be announced as tenants in the two towers.

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