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10 September 2008
Lend Lease Investment Management secures CBA lease for Darling Walk
Lend Lease Investment Management today announced the Commonwealth Bank of Australia (CBA) has agreed to lease the entire 58,000 square metre office complex to be built at Darling Walk.
The Darling Walk development will be funded and jointly owned by the Lend Lease managed Australian Prime Property Fund Commercial and an offshore institutional investor.
The 13 year agreement with CBA is one of the largest leasing transactions negotiated in Australia and underpins the quality of the proposed Darling Walk development.
The development will comprise two nine storey buildings, separated to maximise views and enhance connectivity with the CBD and adjoining park. In addition to the commercial office component, the development will also include a Youth Theatre, a rejuvenated retail precinct, a water play park and associated car parking.
In line with APPF Commercial’s Sustainability Strategy, the A grade ‘campus style’ office building will target 6 Star Green Star and 5 Star NABERS energy ratings.
On completion, the new asset will increase APPF Commercial’s scale to over A$2 billion and enhance the Fund’s weighted average lease expiry to over seven and a half years.
Construction of Darling Walk is forecast to commence in late 2008, with Practical Completion forecast for mid 2011.
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