Lend Lease, the largest property building firm in Australia, has recorded a high profit of 39 percent end of December 2012. The profit is a result of two prominent development projects that the company has taken on - The Barangaroo South Development Project in Sydney and a redevelopment project in London.
Net income of Lend Lease went up to $311 million from around $224.1 million accounted in December 2011.
The $6 billion Barangaroo South Development Project was sanctioned by the government of Australia in 2010. Lend Lease was selected as the chief developer of the planned property.
The project is set to be a crucial development in the western side of Sydney's Central Business District (CBD). It will be a 22 hectare space comprising of commercial, residential and retail space. Touted as a sustainable project it will feature energy saving modern infrastructure. All the buildings in the area will be on a 99-year lease.
Check out the complete master plan of Barangaroo South Development at RHSP.
In a recent media release, the Barangaroo Delivery Authority stated that a group of local and international professionals have been selected to create the central area plan of South Barangaroo.
Apart from the Barangaroo South Development Project, Lend Lease has also won approval for redeveloping a property in London worth $2.4 billion. The redevelopment project will include remodeling commercial and residential space at the Elephant and Castle junction area of London. The project will include 2,500 new residences along with community facilities, retail shops and restaurants, reports Bloomberg.
Though profit percentage of the company rose, shares of the firm fell 2.7 percent to $10.40. While its Australian, American and European divisions recorded good profits, the Asian division reported a loss of $4.5 million, reports ABC News.