Lend Lease (ASX: LLC) announced this week that it has agreed to develop 2.5 hectares of Melbourne's Docklands as part of a larger urban revitalisation project.
Located in Batman's Hill, the project will include over 100,000 square metres of net lettable area office and retail space, as well as around 600 residential apartments. Lend Lease will also be responsible for the encompassing infrastructure and community space.
"The execution of a development agreement reflects our strong capabilities in mixed use inner-urban development, and the success we have demonstrated at Victoria Harbour in collaboration with Places Victoria," said Lend Lease Managing Director Steve McCann in a statement. "The project leverages our integrated model, including development, construction and funds management and further builds on our Victorian commercial office and residential backlog."
Although Lend Lease's current cut wasn't included in the press release, the company did note that the fully finished property should have an end development value of around $1.5 billion after 10 years of staggered construction.
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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.
