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November 17, 2011

Lend Lease wins $1bn Perth Waterbank development

Hyatt Hotels has announced that Hyatt Capital Gate Abu Dhabi will be rebranded to Andaz Capital Gate Abu Dhabi.

Lend Lease has been chosen as the preferred bidder by East Perth Redevelopment Authority of West Australia for the $1bn Waterbank site redevelopment in east Perth, Australia.

The company beat bids from Brookfield Multiplex Construction and Frasers Property Group to win the contract.

The Waterbank development will include over 700 residential apartments, a hotel, commercial offices, retail and public spaces on a four-hectare site along the banks of the Swan River between the Causeway and Trinity College.

The mixed development will include a public beach and about 15 public moorings for watercraft, plus a 30-40-storey landmark tower at the eastern gateway to the city.

The project is part of the $2.6bn Perth Waterfront and Riverside initiative, which aims to create 475,000m2 of commercial space, retail and hotels as well as 7,100 residential buildings.

Construction on the project is expected to start in 2013 and be completed by 2016; the entire Riverside project will take ten years to complete.

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