Australia's Leighton Properties Starts $1.7 Billion Mixed-Use Sydney Project

Australia's Leighton Properties Starts $1.7 Billion Mixed-Use Sydney Project

Commercial News » Asia Pacific Commercial News Edition | By Scott Kauffman | March 28, 2012 10:05 AM ET

Leighton Properties, one of Australia's leading property development companies, recently announced it signed a project agreement with development partners Landcom and Mirvac to signal the next phase of work at Green Square Town Centre in Sydney's Inner South.

The Town Centre project is part of the larger Green Square urban redevelopment precinct, a major New South Wales Government sponsored initiative. At completion, the Green Square Town Centre will be a $1.7 billion mixed-used community and will include approximately 1,600 residential units, 12,000 square meters of retail space and up to 48,000 square meters of A-Grade commercial space.

Overall, Leighton Properties has more than $5 billion in its development pipeline. The 40-year-old company has offices in Brisbane, Sydney and Melbourne. Established in 1972 it is a 100% owned subsidiary of Leighton Holdings, Australia's largest contracting and developing Group.

Mark Gray, Managing Director Leighton Properties said the milestone marked the next steps for Australia's largest urban development.

"We're proud to be working alongside Landcom and Mirvac to bring the Town Centre to Life," Gray added. "The signing of today's project agreement demonstrates we're ready to push forward and begin work on the site. Our combined aim is to create a precinct that will become the centerpiece of this new commercial, residential and retail hub."

The Green Square Town Centre - which has been in the pipeline since the announcement of the railway link between Sydney CBD and the airport in 1991 - complements Leighton Properties' core business strategy. This strategy aims to focus on the residential and commercial markets.

"The opportunity to implement leading edge sustainability initiatives and convert what was an industrial precinct into a new master-planned and mixed-use project centered around Green Square railway station is an exciting prospect," Gray said. "We're expecting the Green Square precinct to create around 7,000 jobs, provide new homes for around 5,500 people and generate approximately $3.2 billion to the wider economy both during and after construction."

Green Square Town Centre is a long term project that will evolve over the next 10 years.

Construction is expected to commence in the second half of 2012.

The Green Square Town Centre has been designed to embody an urban village concept. It will interlink public domains, from green, open spaces to piazzas. The design aims to bring people together and promote easy interaction.

Green Square Town Centre will feature an array of public space for community events, outdoor activities and cultural celebrations. Cycle ways and walkways will also be installed to make moving around easy.

Leighton Properties has a close working relationship with its two development partners.

Landcom leased approximately 2,500 square meters of office space at Eclipse Tower, Leighton Properties' latest commercial development in Parramatta.

The company has also previously embarked on successful joint ventures with Mirvac. The two worked on 18 Marcus Clarke Street in Canberra, a commercial building that was leased to the Commonwealth and they are partnering on Section 63, a large commercial/residential joint venture in Civic, ACT.

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