Property developer Lend Lease Group (ASX:LLC) has been named the preferred bidder for the $1 billion Waterbank site redevelopment in East Perth.
The West Australian government is planning to execute the project over the next decade and is expected to finalise a deal with Lend Lease in the next months.
The Waterbank site redevelopment will span over four-hectares on the banks of the Swan River and include a hotel and commercial, residential, retail and public spaces.
CEO Steve McCann says the large-scale urban redevelopment is in line with the company’s strategic plan to further expand into the rapidly growing West Australian market.
Lend Lease generated a net profit of $493 million in fiscal 2011.
