Managing Director's Message May 2013
Mark Gray 15 May 2013
I am pleased to announce the $434.8 million pre-sale of three commercial office towers at our Kings Square project in Perth. The key acquisition of three buildings totalling 52,781 sqm of office and retail space by DEXUS Property Group and DEXUS Wholesale Property Fund, represents a major milestone in Leighton Properties’ expansion to a booming West Australian growth market.
Kings Square is part of the broader Perth City Link project, a major $1.7 billion, 13.5 hectare urban renewal project that will shape the future of Perth’s skyline.
It has been a positive start to 2013 for the Team at Leighton Properties that kicked off with the $462 million sale of 567 Collins Street Melbourne to the Investa Property Group. The landmark 26 level project will be one of the largest PCA Premium Grade commercial office towers constructed in Melbourne in the last 25 years.
Both 567 Collins Street and the Kings Square project will epitomise Leighton Properties’ cutting edge approach to sustainable workplace design with flexible, highly connected open plan design.
Our Residential/Mixed Use business unit has also achieved two significant milestones. In Sydney, the submission of a development application to Waverly Council for our next major residential project at 241-245 Oxford Street Bondi Junction, will add 138 apartments to the business unit’s already growing pipeline.
Conversely, our Green Square Town Centre urban renewal project in Sydney has recently received master planning approval. Now that demolition has commenced on the site, the team will be forging ahead with detailed precinct design in conjunction with our partners Mirvac and Urban Growth NSW.
As the Leighton Group moves into an exciting new era, Leighton Properties has identified a number of major growth opportunities, including the central management of the Group’s corporate real estate requirements. Under the guidance of Callum Dickinson, our new Group Property Services business unit will leverage our core property competencies to manage over 500,000 square metres of real estate across Australia. The business unit is one of a number of Leighton “Centres of Excellence” that have recently been established to drive operational efficiencies across the Group and deliver value to our shareholders.
In closing, the market is continuing to show signs of improvement, evidenced in our strong residential sales as well as strengthening tenant and investor interest in our commercial projects over the past quarter.
For more information
Phone+61 2 9925 6666
Email Mark Gray