This article is from the Australian Property Journal archive
ONE of Japan’s largest house builders, Sekisui House, is ramping up its expansion into Australia by acquiring an interest in a number of Lend Lease master planned community projects and apartment developments.
Lend Lease and Sekisui House announced that they will work together to identify further opportunities for Sekisui House to develop homes on Delfin Lend Lease community projects and to identify other joint residential development opportunities.
The deal comes hot on the heels of Sekisui House buying AVJenning’s contract housing business.
Under the implementation agreement, Sekisui House will acquire a 50% interest in Lend Lease’s 144 apartment development, Serrata at Victoria Harbour in Melbourne and Lend Lease will retain the remaining 50% interest and provide development, project management and construction services to the joint venture.
In addition, Sekisui House has bought a land interest at Hyatt Coolum on the Sunshine Coast, Queensland on which Sekisui House intends to construct up to 450 new homes. Lend Lease will provide development management services to the project.
Sekisui House will acquire a 50% interest in the adjoining Hyatt Coolum resort.
Queensland Planning Minister Stirling Hinchliffe said Sekisui House owns a substantial amount of land in Ripley Valley and plans to develop 2,500 residential lots which will provide much needed housing for South East Queensland.
Meanwhile Lend Lease is in final negotiations to provide development management services to Sekisui House at its apartment project at Wentworth Point, near Homebush in Western Sydney (circa 1,900 apartments) and to jointly develop part of the project (approximately 1,200 apartments) in a 50:50 joint venture with Sekisui House.
Lend Lease will also investigate the potential to participate alongside Sekisui House in two Sekisui House residential land projects in Western Sydney and South East Queensland.
In other related news, Payce Consolidated Limited has sold its 25% interest in the Wentworth Point joint ventures and other related assets to its joint venture partner, Sekisui House, for $39 million.
Australian Property Journal
