Alkimos is expected to house some 50,000 people by 2040, and is in an area described as “one of the few substantial undeveloped metropolitan areas along Perth’s sprawling coastline.”
Lend Lease is also developing the $6 billion Barangaroo project in Sydney. It has also recently seized control of a $1.4 billion shopping centre portfolio, and acquired the Lend Lease Primelife retirement portfolio.
At Alkimos, Lend Lease is expected to initially develop a 224 hectare parcel for urban use by the government’s land agency LandCorp.
Commercial, education and a town centre will also be developed, later. Overall, the project is expected to include about 30 per cent open space.
Upon completion, the project will abut rival developer Peet’s Shorehaven at Alkimos project, blocks of which were released to the market in late 2009.
A copy of the Lend Lease announcement is here:
Lend Lease preferred for Alkimos development
Lend Lease today announced it has been selected by the Western Australian Government as preferred proponent for the first stage of the 710 hectare Alkimos Community development. A Development Agreement between LandCorp and Lend Lease is expected to be finalised within approximately three months.
Alkimos is located in the rapidly growing northwest metropolitan corridor 40 kilometres north of the Perth CBD. Alkimos will be one of the largest coastal developments ever undertaken in Perth.
The total Alkimos community will comprise up to 10,000 dwellings upon completion.
Development of the initial 224 hectare stage is expected to commence in 2011 and will include approximately 2,500 dwellings. The first stage has an expected end development value of over A$400 million and will be delivered over seven years, with the whole 710 hectare community having a circa 20 year project delivery timeframe.
The project will operate under a land management agreement with Lend Lease expecting to make a capital investment of circa A$20 million to establish the project.
The Alkimos community will be developed in partnership between Lend Lease’s subsidiary, Delfin Lend Lease and LandCorp, the Western Australian Government’s land development agency.
Lend Lease Chief Executive Officer and Managing Director, Mr Steve McCann said the company is delighted to have been selected as preferred proponent for this major residential project.
“Lend Lease brings an enviable track record for partnering with governments and landowners to deliver master planned communities that lead the way in community creation,” said Mr McCann.
Mr McCann said the new Alkimos community would set benchmarks in sustainable community development through a range of initiatives including environmentally sensitive design, recycled water use, education partnership models and local job creation initiatives.