Vic: Lend Lease wins $1.8 billion Docklands redevelopment

AAP General News (Australia)
04-11-2001
Vic: Lend Lease wins $1.8 billion Docklands redevelopment

MELBOURNE, April 11 AAP - The $1.8 billion redevelopment of Victoria Harbour by Lend
Lease announced today will create 20,000 jobs over 17 years.

Victorian Premier Steve Bracks who announced today that the property development giant
had won the Harbour contract said it meant the multi-billion dollar redevelopment of Melbourne's
dilapidated Docklands was fast becoming a reality.

The premier said the Docklands area was one of "the most exciting property development
opportunities anywhere in the world" and Victoria Harbour was "the jewel in the crown".

"The Docklands dream ... is quickly becoming a reality," Mr Bracks said.

The 200-hectare Docklands area, which will be redeveloped year by year until 2020,
has so far attracted $4.5 billion worth of investment.

Property developer Lend Lease will build apartments, hotels and offices on the 30-hectare
Victoria Harbour site.

The project is expected to create up to 20,000 jobs over 15 to 17 years.

Lend Lease beat another preferred bidder, Market City Properties, a subsidiary of the
Kuok Group, for the rights to develop Victoria Harbour.

"This major development (Victoria Harbour) symbolises the confidence of the business
sector in the Victorian economy," Mr Bracks said.

"This is such just an outstanding achievement for Victoria, an outstanding achievement
for the Docklands Authority and an outstanding achievement worldwide in what will be one
of the biggest developments in a city-centre precinct anywhere in the world."

Lend Lease's managing director and chief executive officer, David Higgins, said the
project complemented the company's global strategy of undertaking long-term, high-profile
urban renewal projects.

"Victoria Harbour will have the look and feel of a contemporary inner-city village,
where work and home are integrated with ample public space, shopping, restaurants, water
promenades and Harbour activity," he said.

"Victoria Harbour is without doubt the most prestigious city redevelopment project
in Australia and on a world-scale is a world-class development."

Work on the Victoria Harbour development is expected to begin later this year.

Victoria Harbour features a 3.5km perimeter, with waterfront on both sides.

The project also includes six hectares of public open space.

The plan includes 2,100 residential apartments, 160,000 square metres of commercial
office space, 20,000 square metres of shops, restaurants and cafes. and 15,000 square
metres of community facilities.

Mr Bracks said his government would soon announce the successful tenderer for the extension
of Collins Street - via a bridge - from the CBD into Docklands.

Victorian Trades Hall Council spokesman Brian Boyd said building unions were looking
forward to working with Lend Lease.

"We've dealt with them before and we've had positive working relationships," Mr Boyd said.

Mr Boyd earlier expressed concern over misleading reports that the Victoria Harbour
tender had been awarded to Malaysian billionaire Robert Kuok.

The Kuok group was linked to heavy-handed action locking out staff during an industrial
dispute at Indonesia's Shangri-La Hotel.

AAP tsc/clr/arb/bwl

KEYWORD: DOCKLANDS NIGHTLEAD

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