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16 September 2005
Lend Lease and Bradcorp join forces for $1 billion Wilton Development
Lend Lease Corporation Limited (“Lend Lease”) today announced its subsidiary, Delfin Lend Lease Limited, had entered into a development agreement with Bradcorp to create a $1 billion residential community in south west Sydney.
The project involves 1,323 hectares of land at Wilton, approximately 60 kilometres south west of Sydney adjacent to the Hume Highway.
This announcement follows NSW Planning Minister Frank Sartor rezoning the site from rural to residential uses.
The first stage of the proposed development that has been rezoned is approximately 450 hectares and will include 1,165 residential lots, a championship golf course designed by the world’s No. 4 ranked golfer Ernie Els, a country club, a primary school and approximately 200 hectares of open space.
Work is planned to start in 2006 subject to local government approvals, with first settlement expected in the third quarter of 2006, contributing to Lend Lease’s FY07 returns. The project is expected to take between 8-10 years for the 1,165 lots. The development adds these 1,165 units to the already substantial backlog of nearly 78,000 lots in Australia.
Under the development agreement, which is based on Lend Lease’s preferred third-party land ownership model, Bradcorp remains landowner and Delfin Lend Lease provides development management services. These include design, construction, project management, marketing and sales.
General project information is included in the attached joint media release.
Joint Media Release
For further media information, please contact:
Terri Sissian for Bradcorp on 0419 881414
Simon Basheer for Delfin Lend Lease on 0411 468 741
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