JUL
30
Managing Director's Message July 2014

Mark Gray 30 JUL 2014

Bob Dylan poetically penned the famous lyrics in 1964 "The Times they are A-Changin". Fifty years on, for Leighton Properties, times certainly are "A-Changin". The Leighton Group is undergoing a restructure and, as this message is penned, Leighton Properties is undergoing a strategic review that may lead to its divestment by the Leighton Group. Whilst this environment may be unsettling for some, Leighton Properties staff are focussed on continuing to develop quality properties, precincts and environments for our clients and stakeholders that continue to set industry benchmarks.

At the recent Property Council of Australia awards our Hamilton Harbour mixed use precinct won the the national award for "Best Mixed Use Development".

In Melbourne the 42 level, 300 apartment WRAP project reached PC in March. Then in Bondi Junction, Sydney in late May our Aqua residential tower was launched with all 129 apartments sold out in three hours! Construction on this striking tower is commencing this month.

With major office towers under construction in Perth, Melbourne and Sydney, the commercial team has been focussed on managing the onsite works as well as securing tenants. In June gas utility supplier Jemena signed a lease in 567 Collins Street taking leasing to 75% with still 13 months to completion. The Kings Square project in Perth is rapidly rising and generating enormous interest from both the business community and the general public as the realisation of the "game-changing" aspects of this urban renewal project together with its impact on the Perth CBD are physically established.

Our development pipeline is critical to sustain the business. Accordingly, we have been focused on bringing secured projects to construction such as the Green Square mixed-use precinct in Sydney, Boggo Road in Brisbane and Moonee Ponds in Melboune as well as the new commercial projects in Parramatta, Melbourne and Canberra. Our Perth City Link joint venture is in detailed negotiations to conclude the contractual documentation with the objective to break ground in 2015. Whilst in early July Leighton Properties was named as the prefered developer by The Uniting Church for the restoration and development of its Wesley Upper Lonsdale Street site in Melbourne.

In mid July Leighton Properties signed an option agreement to aquire a 4,132 square metre site at 169 Maquarie Street in Parramatta for the 1PSQ project.

So, in these times of change Leighton Properties is focussed on what we do best…developing outstanding places for people to work, live and play. Our record and reputation stand us well to build into an uncertain future. I and all my staff are committed to our values of Innovation, Discipline, Integrity, Safety and Success. We look forward to the future with optimism.

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Mark Gray

Managing Director
Phone+61 2 9925 6111
Email Mark Gray

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