Lendlease reaches agreement for $1bn Australian resort

Lendlease has finalised the commercial details with Crown Resorts for the proposed development of the Barangaroo South resort in Sydney, Australia.

Under the terms of the documentation, Lendlease will receive payments from Crown Resorts Limited for the development rights to the land at Barangaroo South where the resort will be located. Lendlease has also entered into an estimated AU$1bn (£500m) construction management contract with Crown Resorts to deliver the integrated resort. The final contract sum will be subject to finalisation of the scope.

The period for submissions from the community closed at the start of this monoth, following a public exhibition of the revised concept plan. Lendlease will now work towards the next stage of planning for Barangaroo South.