Lendlease wins $3.7b Sydney Metro station development
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The news: Lendlease has added approximately $3.7 billion to its Australian construction pipeline in securing the Hunter Street Sydney Metro station and tower development project.
In a statement to the market, the construction and real estate company said it would develop the station as well as the West Tower, a 52-storey premium commercial building above it.
With 58,000 square metres of leasable commercial area and 1,000 square metres of retail space, the group said the West Tower carried an estimated gross end value of $2.2 billion. That's on top of the approximately $1.5 billion for the construction of the Metro station at the corner of Hunter and George Street in Sydney CBD.
Construction is anticipated to commence in FY27 and complete in 2032 when the station is expected to open. The wins will go towards Lendlease's $10 billion target for new opportunities in FY26 and adds to its secured pipeline of the same size.
What they said: Group CEO Tony Lombardo said the win indicated growth momentum was building across the company's core segments.
"The award of the Hunter Street contract has resulted in ~$4 billion of new construction work being secured in the first half," he said.
"Following strong progress to simplify the group, our focus remains firmly on strengthening our balance sheet and developing opportunities for growth across our Australian operations and international investment management platform."
The source: ASX
