This article is from the Australian Property Journal archive
LEND Lease is set to teamed up with the Duke of Westminster's property company Grosvenor Group to develop a £600 million pound ($A1.4 billion) retail project in the United Kingdom.
The joint venture will develop the Tithebarn regeneration scheme in Preston.
The proposed Tithebarn project is a 1.6 million sq ft mixed-use urban scheme to be developed in conjunction with Preston City Council.
Grosvenor has exchanged a Development Agreement with Preston City Council and has secured retailer John Lewis as the scheme’s as an anchor tenant.
The Tithebarn project will have approximately 1.1 million sq ft of space devoted to retail, including a 230,000 sq ft John Lewis Department store, a new 150,000 sq ft variety store, 85 new shops, over 20 new restaurants, a refurbished market, multi-screen cinema and other leisure facilities.
The site will also redeveloped into 550 new homes, a health and fitness centre and over 2,700 car parking spaces.
Meanwhile in the United States, Actus Lend Lease and the US Air Force have reached financial close on the development of family housing at two key Air Force installations in Arizona and New Mexico.
The Air Combat Command Group 2 Military Housing Privatization Project involves the development, construction and management of 1,829 homes at Davis-Monthan Air Force Base in Tucson, Arizona and Holloman Air Force Base in Alamogordo, New Mexico.
The project has a budget of more than $US300 million ($A350 million) for the first seven years of the project, with approximately $US700 million ($A815 million) over the 50-year partnership.
During the initial development period Actus Lend Lease will build 961 new homes, renovate 579 homes and develop community facilities and amenities.
Actus Lend Lease now has nine operational installations across the US worth US$4.5 billion in development value, and is preferred bidder on four projects with a combined initial development budget of approximately $US1.6 billion ($A1.9 billion).
Australian Property Journal
