Project development and contracting company Leighton Holdings Ltd
(ASX:LEI) is to develop and sell an office tower in the CBD of Brisbane.
Leighton Properties is to sell the CBD Tower to Commonwealth Property Office Fund for $210 million.
Leighton says the development is already more than 65% pre-leased and will commence construction immediately with completion scheduled for early 2012.
Leighton Properties Managing Director Mark Gray says the 27 storey, King George Central A-grade office tower will be the first major new commercial CBD development to commence construction in Australia since the onset of the global financial crisis.
Mr Gray says it suggests that there is a renewed level of confidence in the Australian property market and means that A-Grade office accommodation will be available when the economy begins to grow slowly.
Leighton Holdings posted a profit of $440 million for 2009.
